Written by : Knowledge Centre Team
Last published : 2026-02-11
7 minutes read
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Sum assured in a life insurance plan refers to the guaranteed benefit amount under the policy. This is a fixed amount payable against the claim for the covered event.
You buy a life insurance to make sure that your family stays financially protected even if you are not present with them. This financial security is provided by the sum assured, which is payable to your family in case you die during the policy term.
Naturally, it becomes important to choose a sum assured that will be sufficient for your family. But how much it should be?
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Three Things to Consider While Choosing a Sum-Assured
Here are the following things you must consider before deciding on the sum assured:
- Current Income: Your income will decide how much can you pay as premiums. The higher the sum assured, the higher is the premium, thus you need to make sure how much you can spare from your income after handling the expenses.
- Ongoing Financial Liabilities: If you have ongoing long-term loans, you should consider to add them to the sum assured of your life insurance plan.
- Family’s Needs: Estimate the future expense which will be incurred such as child’s education, child’s marriage, and monthly expenses. Choose a sum assured that will be enough to cater all these.
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