Sum assured
The amount an insurer pays on a valid claim, fixed when the policy is bought. It is the only number that matters when something goes wrong, and the one families most often cannot recall.
What it means
The amount an insurer pays on a valid claim, fixed when the policy is bought.
Why it matters to a household
It is the only number that matters when something goes wrong, and the one families most often cannot recall.
Where it trips people up
Confusing sum assured with maturity value or with the premium paid. They are three different numbers.
In an Indian household
Total the sum assured across all life policies and all health policies separately. Most households have never done this and are surprised by the result in both directions.
Where FamTally comes in
FamTally is a free AI-driven money manager built for Indian families. It holds your loans, income, expenses, assets, insurance and goals in one place, forecasts five years ahead, and lets you ask an assistant questions about your own numbers rather than looking up general advice. Everything on this page is the kind of thing it works out for you automatically.
Stop doing this in a spreadsheet
FamTally keeps your loans, income, expenses, assets, insurance and goals in one place, forecasts five years ahead, and answers questions about your own numbers. Free, and built for Indian families.
Start freeQuestions people ask
Sum assured
The amount an insurer pays on a valid claim, fixed when the policy is bought.
Why does it matter?
It is the only number that matters when something goes wrong, and the one families most often cannot recall.
What do people usually get wrong?
Confusing sum assured with maturity value or with the premium paid. They are three different numbers.
Is there anything India-specific?
Total the sum assured across all life policies and all health policies separately. Most households have never done this and are surprised by the result in both directions.