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In insurance, the sum assured is the amount that an insurance company agrees to pay in the event of a claim. It is calculated as follows:
Sum Assured = Death Benefit x (1 + Interest Rate)
Sum assured for a term plan that is calculated using the interest rate and the sum of the principal. Calculating the Sum Assured for a Term Plan:
Let’s suppose that you have Rs. 10,000 in your savings account with an interest rate of 5% per annum. You want to calculate how much your money will be worth after 10 years.
Sum assured is the guaranteed amount that an insurance policyholder will receive upon the occurrence of an event that triggers a claim. The sum assured is usually determined by various factors, including the policyholder's age, health status, income, and the type of insurance policy they choose.
The sum assured for a life insurance policy is typically based on the policyholder's income, expenses, liabilities, and the financial needs of their dependents. As a general rule of thumb, the sum assured for a life insurance policy should be at least 10 times the policyholder's annual income.
Sum Assured is the amount of money that the life insurance company will pay out in case the policyholder dies. The sum assured is calculated by multiplying your family’s annual expenses by that number and then adding that to the net liabilities to get the approximate sum assured.
Also read to know more about Max Life Insurance: Premium Receipts, Surrender Value, Auto Pay
To check your LIC Life Insurance policy claim status online, follow these steps:
The process of surrendering an LIC life insurance policy online is easy. To surrender your LIC life insurance policy online, send an email to LIC life insurance customer service with the reason for surrendering the policy along with the required policy details and other documents. Once the surrendering form is submitted to the insurance provider, they will surrender the policy. The surrendering process may take some time to complete. Wait for confirmation from LIC Life Insurance that your policy has been successfully cancelled. Once the refund application is approved the refund amount is credited to your account.
To check the fund value of your LIC (Life Insurance Corporation of India) life insurance policy online, follow these steps:
To download an Edelweiss Tokio life insurance policy statement, you typically need to follow the below steps.
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