As artists and as freelancers, we often undervalue our work and time. Between the awkwardness of asking for better pay, the assumption that some work is better than no work, and the difficulty in framing artistic efforts as labour, artists end up working for low pay, or no pay, or even losing money on the whole because of costs of travel, etc.
A living wage is a level of income that would guarantee your and your dependents basic needs with dignity. It is not the 'subsistence wage' for bare minimum living, which is akin to the minimum wages in India. Neither should you have to work overtime, i.e. over 40 hours per week, to earn this sum - a core principle of fight for labour rights has been the right to leisure - no matter how satisfying you find your work.
A living wage would meet costs such as a person's nutrition, health, children's education, leisure and social activities, in a way that ensures financial and social security.
The exact amount varies according to the individual's location and number of dependents. Here are the calculations from 2016-19. A readily available indicator to peg living wages to is the pay scale of non-contractual class 4 government employees. As these employees are those with the basic capacity to negotiate, this is also a good indicator of the benefits and insurance that your employer should provide either directly or through money that you can put into schemes.