A human life value means how much you worth in terms of monetary. Your life value is calculated based on your income, savings, and liabilities. It shows the loss of increase and income in liabilities your family might face in case of your sudden demise.
In terms of insurance, your life cover should be 10 times more then your annual salary. For example if your yearly income is Rs.10,00,000/- than your insurance cover should be Rs.10,00,000/- * 10 = Rs.100,00,000/-.
Although, while calculating your Human Life value few things gets considered such as your Current liabilities, Your annual income, Your monthly expenses (rent, groceries, tuition fee, etc. ), Your personal expenses and Your savings.