Sum Assured in Life Insurance Policy

What is Sum Assured in Life Insurance Policy?

Sum assured is the fixed amount paid to the nominee in case of the policyholder’s death.

Written by : Knowledge Centre Team

2026-02-11

735 Views

7 minutes read

Exit Pop Up

Introducing BSE 500 Enhanced Value 50 Fund with Promise4Wealth

50 High-Potential Companies, One Smart Decision

Name is required Name should be Valid
Mobile Number is required Mobile Number should be Valid
DOB is required DOB should be Valid
Annual Income is required
Please tick to proceed further.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

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?

Secure Your Family’s Future with the Right Life Insurance Plan

Please enter correct name Please enter the Full name
Please enter valid mobile number Please enter Mobile Number
Please enter valid email Please enter Email
Consent is required

Enter OTP

An OTP has been sent to your mobile number

Didn’t receive OTP?

Application Status

Name

Date of Birth

Plan Name

Status

Unclaimed Amount of the Policyholder as on

Name of the policy holder

Policy No.

Address of the Policyholder as per records

Unclaimed Amount

Error

Sorry ! No records Found

.  Please use this ID for all future communications regarding this concern.

Request Registered

Thank You for submitting the response, will get back with you.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

Three Things to Consider While Choosing a Sum-Assured

Here are the following things you must consider before deciding on the sum assured:

  1. 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.
  2. 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.
  3. 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.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

Recent Blogs

Types Of Insurance Thum Desktop
How to Choose the Best Life Insurance Plan for Working Women?
31 July '26
1292 Views
10 minute read
Learn how working women can choose the right life insurance plan based on income, family needs, future goals and affordability to stay financially secure.
Read More
Life Insurance
Types Of Insurance Thum Desktop
Everyday Expenses Compared With the Cost of Life Insurance
31 July '26
982 Views
7 minute read
A comparison of common everyday expenses with the cost of life insurance premiums, highlighting how small regular costs can add up over time.
Read More
Life Insurance
Types Of Insurance Thum Desktop
3 Key Benefits of Life Insurance for Your Family’s Future
31 July '26
1088 Views
8 minute read
Learn three key benefits of life insurance, including financial support for your family, long-term security and peace of mind during unexpected life situations.
Read More
Life Insurance
Types Of Insurance Thum Desktop
How Your Investing Habits Influence Career Growth?
31 July '26
885 Views
7 minute read
Building wealth along with your career is important. Here’s why you should also invest in a wealth plan while you build your career.
Read More
Life Insurance
Types Of Insurance Thum Desktop
Should one Buy Life Insurance or Term Insurance?
31 July '26
789 Views
5 minute read
Difference between life insurance and term insurance - A term plan is a life insurance plan that offers coverage against all uncertainties of life. Learn more about the difference between a life insurance plan and a term insurance plan.
Read More
Life Insurance
Types Of Insurance Thum Desktop
The Wrong Reasons To Buy Life Insurance
31 July '26
3647 Views
10 minute read
Life insurance is meant to protect your family’s future, not just save taxes or be an investment. Learn the right reasons to buy a life insurance plan.
Read More
Life Insurance
Types Of Insurance Thum Desktop
Life Insurance as a Tool for Redemption of Mortgage
31 July '26
880 Views
6 minute read
Life insurance plans act as mortgage redemption plan to help you pay off your loans and debts. Learn how term life insurance plans benefit you as a redemption tool.
Read More
Life Insurance
Types Of Insurance Thum Desktop
Do Parents Need Life Insurance in India and Why Today?
31 July '26
1234 Views
7 minute read
Explains why life insurance is important for parents, covering income protection, child expenses, outstanding loans, future education costs, and long-term family security.
Read More
Life Insurance
How Do Health Riders In Life Insurance Thum Desktop
Can You Buy Life Insurance After Major Surgery?
31 July '26
1171 Views
6 minute read
Recovering from major surgery? Learn how life insurance eligibility is assessed in India, underwriting rules, waiting periods & tips to get coverage.
Read More
Life Insurance

Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

Family Shield: Enhanced Protection

iSelect Smart360 Term Plan
  • 3 Plan options
  • Life cover till 99 years
  • Steady income benefit
  • Block your premium at inception

Start Young, Pay Less, Stay Secured

Young Term Plan
  • Life cover till 99 years
  • Coverage for spouse
  • Block your premium rate
  • Covers 40 critical illness

Fixed Returns, Zero Risks & Worries

iSelect Guaranteed Future Plus
  • 4 Plan options
  • Life cover + Guaranteed benefits
  • Accidental death benefit
  • Premium protection cover