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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.

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1. Premium has been calculated for coverage till 60 years
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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.

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.

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