HLV helps estimate the amount that would be needed to provide financial protection to your loved ones in your absence. Insurance experts suggest a term life insurance cover, should be at least 15 to 20X your current annual income.
For eg. If your current income annually is Rs. 10 lakhs per year, it would be important to buy a term plan with Rs. 2 Crore sum. This amount will help your family in meeting their yearly expenses in spite of growing inflation and managing their current living standards.
Here, you can easily calculate the right term insurance cover amount for your family’s future requirements using HLV (Human Life Value) calculator. HLV calculator is an online tool that helps recognize an individual’s needs based on liabilities, investment and income expenses. In addition, it helps evaluate the amount your family would require to spend their life without any financial difficulties in your absence.