5. Human Life value method is one way of arriving at the requried insurance coverage. Your colleague Mr.Bangs is asking you to check out his profile and comment on his insurance coverage. He is 35 years old and is married and has two children. He earns Rs. 15,00,000/- annually and plans to retire at age 56. He pays Rs. 50,000/- as Income tax, Rs.25000/- towards Life Insurance Premium on his life, and Rs.20000/towards Joint Life Insurance taken on his and spouse life, Rs.8000/- on his health insurance and spends Rs.30,000/- on his personal expenses annually. Prevailing Interest rate is 8%; Advise his insurance coverage based on Human Life Value method.