Mahesh earns 1,20,000 pa. He has total debt of Rs. 2,00,000 and have two dependants. Interest rate is 7%, and assumes 80% of his pre-death salary is the estimated requirement to maintain his family after paying the loan. Calculate the life insurance cover needed under multiple approach method.
A . 18 lakhs
B . 15 lakhs
C . 12 lakhs
D . 16 lakhs
Answer: D