Mr. Hareesh, 34 years old, is a Senior Data Analyst in a reputed MNC. His wife Harika, 30 years old, is a homemaker. They have one child Rishi, 5 years old. The CTC of Hareesh is Rs.32 lakhs. His net income after taxes and group insurance premium deductions is 75% of gross income. He spends approx. 10% of the net income on himself. The Balance amount is available to the family. His employer provides group term insurance cover of Rs.30 lacs and health insurance cover of Rs.15 lakhs covering him and his family. The cost of the insurance premium paid on self is 0.6% of CTC under the group insurance scheme. The monthly expenditure of the family is 55% of the Net Income. Mr. Hareesh has accumulated savings (in current value terms) of Rs.12 lakhs in PPF, Rs.28 lacs in Mutual funds, and Rs.10 lakhs in Fixed Deposits. Hareesh has outstanding loan balances as under: i. Home loan Rs.50 lakhs ii. Car loan Rs.10 lakhs iii. Personal loan Rs.6 lakhs The value of the house in which the family lives is Rs.60 lakhs and the value of the car used for personal and official purposes is Rs. 10 lakhs. He has a residential plot worth Rs.30 lakhs. Assume that the average inflation is 5.55%. Income is expected to grow at 10% p.a. till his retirement age of 60 years.

Compute the Life Insurance need of Mr. Hareesh under:

i. Human Life Value method

ii. Need replacement method

Iii Suggest a suitable insurance product for him with a brief reason