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A Human Life Value (HLV) calculator is a valuable tool that is used to estimate the financial obligations that your family members would face in case of your absence. It is important to ensure that you don’t leave any financial burdens for your family. This calculator can help to you estimate the protection coverage you need to safeguard your loved ones’ future. Make this your first step towards meeting your life protection needs.
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Human life value, or HLV or ideal life cover is a number that indicates the present value of future income, expenses, liabilities, and investments. This number is generally used to determine the amount of money needed to secure your dependents’ lives with term insurance if you are no longer there to provide for them. , Based on your HLV, you can assess the finances your dependents will need to fund their expenses in your absence or unfortunate demise. Basically, you should purchase term insurance with a cover equivalent to your HLV for the people who depend on you to sustain their lifestyle.
The human life value calculator, or the HLV calculator, helps you estimate the current worth of your future income. The tool can help you tackle the financial stress your family might face during your unfortunate absence. This Human Life Value (HLV) Calculator further helps you determine the estimated life cover you need to secure loved ones. Simply put, this Human Life Value guides you towards identifying the death benefit amount your dependents will be entitled to out of your term insurance policy.
For example, if Anjali is a 35-year-old earning ₹10 lakhs annually, with a plan to cover until 60, the HLV calculator might suggest she needs ₹2.5 crore in life insurance coverage to ensure her family can maintain their current lifestyle and cover future expenses if she were no longer around to provide financially.
Let’s understand human life value calculation with the help of this example:
Aakash is currently 37 years old and earning 15 Lakhs per month. He already had active life insurance of 10 Lakhs and wanted to check his eligibility for another life insurance. He enters his age, annual income, and the existing life insurance’s cover amount into the HLV calculator. The human life calculator displayed his total eligibility for a 3 Crore life insurance. However, since he already had a 10 Lakh cover, he is eligible to purchase a new plan of cover of up to 2.8 Crores.
Understand how to calculate human life value online and use the calculator to know the results in seconds. Below mentioned are the steps to use the Human Life Calculator:
Step 1: Enter your age.
Step 2: Enter your annual income.
Step 3: Mention if you have existing life insurance coverage an existing life insurance cover.
Step 4: Click on “Calculate Now”.
Calculating HLV may seem complicated to be done manually, given that many factors must be considered. With this online HLV calculator, the task has become much easier and reliable. However, your Human life value at 25 will be different from what you shall need at the age of 35. Therefore, use the HLV calculator featured on our website regularly to keep updated about your insurance needs.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
Term Plans
HLV is an important metric to determine insurance needs if you have family members depending on you for finances. When choosing an insurance cover, you should ensure that it is as comprehensive as possible to enable a smooth transition for your family after your death. Having an idea of the financial obligations and ensuring that your dependents don’t have to struggle to keep up with those is why calculating your HLV is important.
Briefly, calculating your HLV will help you address the following uncertainties:
You can assess if your current term life cover amount is sufficient with the inflation rate.
If there has been a new addition to your family, say a newborn, you can identify if the cover amount suffices their needs as well.
In line with the above two pointers, you will be able to analyze if you need another term life insurance cover.
You can estimate how much more your second life cover should be worth to arrive at a well-rounded, comprehensive figure.
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The assistance you receive from the HLV Calculator is primarily two-fold. Let’s understand here:
The method estimates the regular income that your family will need from the insurance payout to support themselves.
This considers the specific needs the insurance cover is expected to cover, such as debts/loans, mortgages, etc. Need-based calculation can also be used to finance goals such as child education, marriage, etc.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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