Life is very uncertain and thus people try to find several schemes that can help them to get a minimum amount of guaranteed money. Nowadays banks are failing to provide high interest rates but if you opt for LIC (Life Insurance Corporation of India) schemes, you are sure to get a fixed amount of money after the mentioned period. There are several schemes that you can avail but sum assured is the most availed policy. Do you know what is sum assured in LIC policy? If not, let me give you an idea about it.
What is the meaning of sum assured in LIC?Sum Assured is basically the amount that the policy holder will get irrespective of any cause when the policy matures. It is also known as the cover or coverage amount.
What do you mean by sum assured in LIC money back policy?A sum of money equal to the Accident Benefit Sum Assured is to be paid over a period of a decade if there is a case of accident permanent disability is called as sum assured in LIC money back policy.
What do you mean by Death Benefit?A Death Benefit is the amount of money paid to the beneficiary of a LIC policy when the insured person dies.
What is the difference between Death Benefit and Sum Assured Under Term Policy?Sum assured is the amount of money that the insurer pays when the insured event happens. So as per term policy on the death of the policy holder, the beneficiary surely gets the assured sum so under term policy there is no difference between death benefit and the sum assured.
To avail loan and get the minimum interest rate, opt for NoBroker Home Loan Services
I hope you have understood
what is sum assured in lic now.
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What Is Sum Assured In LIC?
Kapil Shah
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3 Year
2022-04-26T19:49:27+00:00 2022-04-26T19:49:30+00:00Comment
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