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Term cover (Human Life Value)
Work out how much life cover your family may need.
- Income your family relies on (a year)
- ₹7,00,000
- Value of that income (HLV)
- ₹1,33,11,594
- + Outstanding loans
- ₹0
- − Existing life cover
- ₹0
An estimate of need, not advice. Final cover depends on underwriting.
Assumes you spend 30% of your income on yourself, income grows 5% a year and future income is discounted at 8% a year. Rounded up to the nearest ₹5 L. Insurance is the subject matter of solicitation. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
How Human Life Value works
HLV = A × (1 − ((1+g)÷(1+d))ⁿ) ÷ (d − g)A is the income your family relies on each year, n is the years to retirement, g is income growth and d is the discount rate. Loans are added and existing cover is taken off.
Assumptions
- You spend 30% of your income on yourself; 70% supports your family.
- Income grows 5% a year; future income is discounted at 8% a year.
- Rounded up to the nearest ₹5 lakh.
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