Securing Hannav Ledger...
Securing Hannav Ledger...
Glossary
Sum assured is the guaranteed amount an insurance company agrees to pay the policyholder or nominee upon death, maturity, or a specified event.
The fixed payout amount your insurance policy promises to pay.
Differs from premium (the cost you pay) and should be sized based on income replacement needs, debts, and future goals, typically 10–15x annual income for term insurance.
A term plan with a ₹1 crore sum assured pays that amount to the nominee if the policyholder dies during the term.
The fixed payout amount your insurance policy promises to pay.
Sum Assured helps you evaluate products, compare options, and make informed decisions aligned with goals, tax rules, and risk tolerance in the Indian financial system.