What is human life value formula?
In this method, your life value is calculated based on your annual income. The HLV is determined as: Your Annual Income * Years Left for Retirement. For example, if your income is Rs 10 Lakhs per year and you are currently 35 years and plan to retire at 50, your HLV is at least 10,00,000 * 15 = Rs 1.5 crore.
Who proposed the concept of human life value?
Dr. Huebner, in The Economics of Life Insurance, defined the human life value in two different places.
How do you calculate human life value in insurance?
Step 1 - Determine your current income. Step 2 - Subtract your expenses, insurance premiums, and income tax payments. Step 3 - Identify the number of earning years remaining before your retirement. Step 4 - Find the inflation and discounting factor rate.
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