FAQs

Non Life Insurance

11 Jan 2019

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Sum assured is a pre-decided amount that the insurance company pays to the policyholder when the insured event takes place. For example, when you buy a life insurance policy, the insurer guarantees to pay a sum assured to the nominee in case of the insured persons demise. It is the sum assured that determines the amount of premium payable by the policyholder to the insurer.