highlights
Sum Assured is a pre-decided benefit between the taker and the giver.
The Sum Assured determines the coverage level of the insurance policy.
If seen, the insurance policy is taken only for the sum assured.
New Delhi. You must have heard 2 terms while buying an insurance policy – ‘Sum Assured’ and ‘Sum Insured’. In this news, you will know about Sum Assured. Every person taking an insurance policy should be aware of its meaning so that there is no confusion later.
If seen, the insurance policy is taken only for the sum assured. Sum assured means sum assured. This is the value of the insurance cover, which is decided by the insurance company for the policyholder at the time of purchasing the insurance policy.
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Pre-decided benefits between the insurer and the insurer
This is a pre-decided benefit between the insurer and the provider. This amount is fixed at the time of taking the policy. In a life insurance policy, the insurer promises to pay a predetermined amount to the nominee in the event of the death of the life assured during the policy term. In a life insurance policy with maturity benefit, the sum assured along with the bonus is returned to the policyholder at the end of the policy term.
Sum assured is also known as cover or coverage amount
The most important aspect while buying a life insurance policy is to choose the adequate and right amount of sum assured. The Sum Assured determines the coverage level of the insurance policy. It is also known as cover or coverage amount.
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There are various parameters that need to be considered while calculating the Sum Assured. Sum Assured should be selected based on the number of dependents, type of lifestyle and children’s education, health expenses, retirement fund etc.
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Tags: Insurance, insurance company, Insurance Policy, Life Insurance, Life Insurance Corporation of India (LIC)
FIRST PUBLISHED : February 05, 2023, 15:32 IST
