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Don’t get confused between sum assured and death benefit. They are definitely not the same. Let's look at both the definitions to know the actual meaning of these two terms.
What is Sum Assured?
Sum assured is a predetermined amount that the insurer pays in case the insured event takes place. The insured event in a life insurance policy would be the death of the policyholder during the policy term.
Both Sum assured and death benefit is a very important factor in deciding the premium. Other factors include the age, policy period, medical condition and the type of insurance policy. But with a traditional insurance plus investment plan, the sum assured may not exactly mean the death benefit. This is due to a change in regulations that define the minimum level of death benefit for all policies.
What is a Death Benefit?
The sum assured in traditional plans is usually the minimum amount guaranteed on maturity or on death of the policy holder. Moreover, participating plans declare the annual bonus as a percentage of this sum assured.
But if the sum assured is 10 times more than the annual premium, the insurer will have to declare a lower bonus as a percentage of the sum assured. Thus, to be able to offer a higher percentage of bonus, insurers have divided into two diversions the sum assured and the death benefit.
Now, in traditional plans, sum assured usually means the minimum guaranteed amount payable on maturity. But as for death benefits they are paid as higher of the sum assured or 10 times the annual premium if you are below 45 years, or 105% of the premiums paid till date.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,