Discuss the concept of Human Life Value (HLV) and its importance in building family financial security. From the given details calculate the HLV of Mr. R : Name : Mr. R Age : 30 years Annual gross income : ₹2,40,000 Work

Discuss the concept of Human Life Value (HLV) and its importance in building family financial security. From the given details calculate the HLV of Mr. R : Name : Mr. R Age : 30 years Annual gross income : ₹2,40,000 Working life expectancy : 30 years Expected income tax liability : ₹15,000/- p.a. Expected Annual Personal maintenance expenses : ₹60,000 Discount rate : 6% per annum.