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Sum Assured

Sum assured is term used for the pre-decided amount that the insurance company promises to provide to the nominee or family of the life assured in case of an unforeseen demise of the life assured during the policy tenure.

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1 Crore Life Cover starting from just ₹16/Day*
1 Crore Life Cover starting from just ₹16/Day*
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    Tax Benefit
    Up to 1,50,000**
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    Claim Support
    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
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*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

What Is Sum Assured In Life Insurance?

A sum assured under a life insurance policy refers to a pre-decided sum that the insurance company provides to the nominee or family of the life assured in case of an unforeseen demise of the life assured during the policy tenure. The insurance company provides this money according to the coverage amount chosen by the policyholder at the time of purchasing the life insurance policy. Sum assured is the guaranteed amount of money that the nominee or life assured’s family members receive in case of their unforeseen demise, given the premiums have been paid in full and timely.

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

How Is Sum Assured Calculated?

Even though most people struggle in deciding the ideal amount they should choose for their sum assured. There are many ways to calculate the sum assured but one of the most popular methods is to use a Human Life Value (HLV) calculator to determine the sum assured for your life insurance policy. Human Life Value calculator can be accessed online easily.

To determine the sum assured for your life insurance policy, you can use a Human Life Value calculator. In the Human Life Value Calculator, you will have to enter some details such as an estimate of your current or future expenses, annual or monthly income, your age etc. the calculator uses the information and provides you an estimate of the ideal sum assured after taking inflation into consideration.

How Much Life Insurance Coverage Do You Need?

People often struggle in deciding the amount of the sum assured that will be enough for their life cover. Experts suggest that one should consider a sum assured which is 15-20 times the income of the life assured keeping certain factors in mind such as income, expenses, number of financial dependents and liabilities (if any) at the time of purchasing a life insurance policy.

A sum assured equivalent to 15-20 times of the income of the life assured can help the family of the life assured to fulfill immediate financial expenses, daily financial requirements and fulfill their goals in case of an unforeseen demise of the life assured during the policy tenure. It is always advised to choose a sum assured which will help the family of the life assured to fulfill their expenses in case of an unforeseen demise of the life assured.

Life Insurance Companies User Reviews

What users are saying
  • Securing Family

    I was looking for a meaningful gift for my niece’s wedding when I came across the Life Insurance policy from InsuranceDekho. I gifted her LIC Life Insurance, and there couldn’t have been a better gift for her future. Thank you, team. You are doing a wonderful job. 

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    S
    LIC
    By Sandeep Bishnoi
    On: June 24, 2024
  • Perfect Gift for my family

    My parents are getting older, I surprised them with a life insurance policy from Bajaj Allianz Life Insurance. I purchased it through InsuranceDekho; the process was smooth and a totally easy breeze. Thank you team, for helping me secure my family.

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    A
    Bajaj Allianz
    By Asraf Ali
    On: June 24, 2024
  • User-Friendly Portal

    InsuranceDekho has helped me find a perfect Life Insurance Plan from ICICI Prudential. It fits my budget and all my family's needs. Thanks to the online premium calculator, I was able to compare all my plans before making a decision. They have such an easy-to-use portal. Recommend to everyone. 

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    J
    ICICI Prudential
    By Jipin TP
    On: June 21, 2024
  • Supportive team

    Insurancedekho helped me understand the importance of a joint life insurance plan for both me and my wife. Based on their recommendation, we bought HDFC Life Insurance. Their advice has come in handy, and now we enjoy the benefit of safety it provides. Thank you so much, team. 

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    K
    HDFC
    By Karthick arjuna
    On: June 21, 2024
  • Customer Satisfaction

    My child has special needs, and upon referral from my family friend, I bought PNB MetLife Insurance for my kid from InsuranceDekho. Shruti from the customer support team helped me at every stage, and now my family has financial security for their care after I am gone. Thank you. 

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    PNB Met
    By Niliska D’Souza
    On: June 21, 2024

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