Human life value (HLV) concept is an economic theory developed in 1920’s that attempt to assign a monetary value to one’s life. Essentially life value depends on parameter like income and expenditure, assets and liabilities as well as the inflation rate expected over productive life. The way of calculating your HLV is to multiply your current or prospective income with a factor between 6 and 10 depending upon your age. A more calculation will include . Considering projected  income and expenses, discounting them for inflation and matching them with current wealth and liabilities. This is the economic value of an individual to his or her family. This is the amount of life insurance . you ideally need to cover the risk of premature death.
Basically, HLV is the value of life insurance that will yield enough return through risk free investment to take care of living expenses and other liabilities.
Author:- Dr. Archana Dusad