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What is Human Life Value (HLV)?
The Human Life Value (HLV) is the translated average of your love, care, and support put into financial terms. Imagine all the times you've helped with homework, cooked family dinners, or stayed up late worrying about bills. HLV tries to capture the economic aspect of these countless contributions.
When we talk about Human Life Value (HLV), we're not just crunching numbers – we're trying to understand the financial impact you have on your family's life. It's about translating your love, care, and support into financial terms. Say all the times you've helped with homework, cooked family dinners, or stayed up late worrying about bills? Yes, the Human Life Value Calculator tries to capture the economic aspect of your countless contributions.
- HLV represents the total income that you are expected to earn over the remaining years of your working life, expressed in present Rupee terms. It's important to note that human life is considered an asset, similar to tangible assets, but its value is intangible and harder to determine.
Why Traditional Term Life Calculation Methods Fall Short?
It considers your specific retirement goals, more crucial for us where retirement ages can vary widely.
Monthly expenses provide a realistic picture of your family's needs, accounting for India's diverse living costs.
Including liabilities ensures a full financial picture, vital in an era of increasing inflation, personal loans and mortgages.
We factor in the discounting rate/interest rate to account for the time value of money.
The "multiple of income" method falls short for Indian families. Here's why our approach is more comprehensive:
4 Unique Features of SUD Term Life Calculator
Age-Based Career Trajectory
We factor in typical income growth patterns in Indian industries.
City-Specific Expense Calculation
Your monthly expenses are contextualized based on your city's cost of living.
Liability Analysis
We consider how your debts impact your family's future financial needs.
Insurance Gap Identification
Instantly see the difference between your existing coverage and recommended HLV.
STEPS TO BUY
How to Use Our Term Life Calculator: A Step-by-Step Guide
The Term Life Calculator by SUD Life is designed to be straightforward and user-friendly. Follow these steps to calculate your HLV:
Enter Your Name
Type your full name in the first field.
Input Your Date of Birth
Click on the calendar icon to select your birth date. This helps us to determine your potential earning years.
Provide Your Mobile Number
Enter your 10-digit mobile number after the pre-filled +91 country code. This will allow us to send you your results securely.
Specify Your Desired Retirement Age
Input the age at which you plan to retire. This helps calculate your remaining working years.
Enter Your Annual Income
In the field marked with the ₹ symbol, input your total annual income. Include all sources of income for accuracy.
Calculate Your Monthly Expenses
In the next ₹ field, enter your average monthly household expenses. Be comprehensive to get a true picture of your family's financial needs.
Important Points to Remember
HLV reduces as your age increases, since the number of earning years decreases.
HLV should be reviewed periodically and life cover should be adjusted as your income grows.
The calculated HLV indicates the minimum life cover needed to get to the current level of your income after death.
Taking less than HLV as coverage may leave your family with unsustainable funds.
Taking significantly more than HLV as coverage could be considered a moral hazard because of the higher premiums you would have to foot as compared to your income.
