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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.
The calculation of the sum assured in life insurance varies depending on the type of life insurance policy and the specific terms and conditions of the policy. Here are some common methods used to calculate the sum assured:
The sum assured in LIC Life Insurance refers to the amount of money that the insurer promises to pay to the nominee in the event of the policyholder's untimely death.
The sum assured value for an ICICI Prudential Whole Life insurance policy will depend on several factors such as your age, gender, occupation, health status, and the amount of coverage you require. To calculate the sum assured value for an ICICI Prudential Whole Life insurance policy, you will need to follow these steps:
Sum assured is a fixed sum amount that the ICICI Prudential Life Insurance Company agrees to pay to the insured or the nominee in case an unexpected event happens to an insured or end of the policy term. The sum assured value of ICICI Prudential Life Insurance can be calculated online easily using the Human life value calculator by entering details such as age, income, current, and future expenses estimation, and other details. It will give you an estimation of the sum assured required to cover your family's needs.
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)
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