Compare & Buy Car, Bike and Health Insurance Online - InsuranceDekho
Track & Policy DownloadLogin

Human Life Value Calculator

Human Life Value Calculator (HLV) Calculator is an online, easy-to-use tool that can help you find the right amount of insurance cover you need. This efficient calculator is an excellent means through which you can find out how much life insurance coverage you require to secure the financial future of your loved ones, even in your absence.

dot
1 Crore Life Cover starting from just ₹16/Day*
1 Crore Life Cover starting from just ₹16/Day*
  • Tax Benefit
    Tax Benefit
    Up to 1,50,000**
  • Claim Support
    Claim Support
    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
    Happy Customers

*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

What is Human Life Value?

Human Life Value (HLV) is the insurance cover that your family would need to lead a stress-free life if you are no longer there to provide. It is basically the amount of money that your loved ones would require to survive while retaining their current lifestyle and fulfilling their life goals if you, the earning member of your family, unfortunately passes away. The Human-Life Approach is highly recommended for families with earning members. Calculate the human life value for the life stages by human life value calculation formula.

Why Is the Human Life Value Calculator Important?

The Human Life Value Calculator is extremely important as it:

  • Helps in assessing whether your current life coverage is sufficient?
  • Helps you analyze if you need another life insurance policy.
  • Helps you find out how much more insurance you require if you need an additional plan.

How Is Human Life Value Calculated?

The Human Life Value Calculator will calculate the monetary value of your life on the basis of your income and expenses.

Some of the key elements based on which your Human Life Value will be calculated are as follows:

  • Age
  • Annual income
  • Monthly expenses (household expenses, EMIs and more)
  • Existing life cover

Steps to Calculate Human Life Value

Below mentioned are the steps that you must follow to calculate your Human Life Value or HLV:

Step 1: Enter your age.

Step 2: Provide your annual income.

Step 3: Enter your monthly expense details.

Step 4: Provide details of your present life insurance cover, if any.

Step 5: Click on ‘Calculate’.

Step 6: Your Human Life Value will be displayed.

Step 7: The Risk-o-Meter will showcase your % coverage.

Step 8: Based on your existing life coverage, your ideal life insurance coverage amount or your additional coverage amount will be displayed.

Step 9: If you wish to recalculate, click on ‘Reset’.

Step 10: If you wish to check your life insurance coverage premium, click on ‘Check Premium’.

How Much Life Insurance Coverage Is Enough Coverage?

It is important to understand that your insurance coverage will be your income replacement in your absence. You are free to go with the life insurance policy type of your choice, however, remember that having insurance cover won’t serve your purpose in the complete sense. It would be important to have the right insurance coverage so that your family members do not face financial struggles of any kind after your demise.

But, how much coverage would be enough? If you have this question running through your mind, the answer is simple. The adequate insurance coverage would be the one that fits all the significant parameters perfectly.

Term Life Insurance Premium Calculator

Gender

  • Male
  • Female

Date of Birth

calendericon

Do you smoke or chew tobacco?

  • Yes
  • No

Choose required coverage to secure your family’s future

50L
1Cr
1.5Cr
2Cr
Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Factors Which Affect The Amount of Life Insurance Cover

Below mentioned are some of the prime elements to consider to reach the right insurance coverage required:

  • Earning Years: Your earning years would be the difference between your existing age and your retirement age. This difference or earning years will help you calculate the number of years for which you would be required to plan for a steady income. Considering your earning years is a must if you want to find out your right insurance coverage amount.

  • Income: Your salary or any other source of income (income from house property, business profits, and others like such) that is required to maintain your present lifestyle is a key aspect to consider to find the right insurance coverage you would require. Keeping in mind that considering your accurate income would help you find out accurate results in terms of insurance cover.

  • Existing Life Cover: Your existing life cover would be the total value of all the covers you currently possess. Whether you have a term plan or a traditional life insurance policy, make sure you consider all plans that you have while entering your existing life cover value.

Assets and liabilities are two significant key factors that you must always keep in mind while analyzing how much insurance coverage you would actually require. While your assets or savings must include ready-to-use cash in the bank, fixed deposits or FDs, your liabilities would include loan or any other debt that you need to pay within a specific time period.

Considering all the significant aspects is highly recommended so that you know the actual coverage required and secure your family from any financial convenience at a crucial time in life.

Life Insurance Companies User Reviews

What users are saying
  • Securing Family

    I was looking for a meaningful gift for my niece’s wedding when I came across the Life Insurance policy from InsuranceDekho. I gifted her LIC Life Insurance, and there couldn’t have been a better gift for her future. Thank you, team. You are doing a wonderful job. 

    S
    LIC
    By Sandeep Bishnoi
    On: June 24, 2024
  • Perfect Gift for my family

    My parents are getting older, I surprised them with a life insurance policy from Bajaj Allianz Life Insurance. I purchased it through InsuranceDekho; the process was smooth and a totally easy breeze. Thank you team, for helping me secure my family.

    A
    Bajaj Allianz
    By Asraf Ali
    On: June 24, 2024
  • User-Friendly Portal

    InsuranceDekho has helped me find a perfect Life Insurance Plan from ICICI Prudential. It fits my budget and all my family's needs. Thanks to the online premium calculator, I was able to compare all my plans before making a decision. They have such an easy-to-use portal. Recommend to everyone. 

    J
    ICICI Prudential
    By Jipin TP
    On: June 21, 2024
  • Supportive team

    Insurancedekho helped me understand the importance of a joint life insurance plan for both me and my wife. Based on their recommendation, we bought HDFC Life Insurance. Their advice has come in handy, and now we enjoy the benefit of safety it provides. Thank you so much, team. 

    K
    HDFC
    By Karthick arjuna
    On: June 21, 2024
  • Customer Satisfaction

    My child has special needs, and upon referral from my family friend, I bought PNB MetLife Insurance for my kid from InsuranceDekho. Shruti from the customer support team helped me at every stage, and now my family has financial security for their care after I am gone. Thank you. 

    N
    PNB Met
    By Niliska D’Souza
    On: June 21, 2024

Life Insurance News

Best Insurance Advisors in Your City.

  • Where did the Human Life Value concept come from?

    The concept of Human Life Value was originated by Dr. Solomon S. Huebner in the 1920s. 

  • Why should I use the Human Life Value Calculator?

    The use of Human Life Value Calculator is highly advised so that you can get an adequate life insurance cover and ensure a secure financial future for your family members even in your absence. Even in the case of your unfortunate demise, your family members won’t face financial setbacks with the right life insurance cover by their side.

  • How can I assess my Human Life Value?

    You can easily assess your Human Life Value with the help of your age, annual income, monthly expenses and present life insurance cover (if applicable). 

  • Will my Human Life Value or HLV remain the same throughout life?

    No! Human Life Value calculation is not a one-time activity to indulge in. Remember, your HLV will keep on changing. Moreover, you can expect the change based on your life stage, annual income, family condition, and other elements that usually occur at different stages of life.

  • Do I really need to buy additional coverage if the Human Life Value Calculator calculates so?

    Buying additional coverage is totally up to you. However, it is always recommended to get your coverage enhanced if your existing cover comes across as insufficient according to the Human Life Value Calculator. 

Insurance Dekho Contact Details

Reach us for help anytime