Sum Assured definition

Sum Assured means the amount specified in the Schedule

Sum Assured means the amount stated in the Schedule against each relevant Section, which shall be the Company’s maximum liability under this Policy (regardless of the number of the amount of Claims made) for any one Claim and in the aggregate for all Claims under such Section.

Sum Assured means an absolute amount of benefit which is guaranteed to become payable on death of the Life Assured in accordance with the terms and conditions specified in the Policy.

Examples of Sum Assured in a sentence

• The eligibility of the Insured Member for receiving coverage for the Sum Assured above Free Cover Limit shall be determined after completion of the Individual Underwriting process as per the internal guidelines of the Company, and coverage shall take effect on the date the Company states in writing, provided all other eligibility conditions are met by the Insured Member on that date.

• For Eligible Members whose Total Sum Assured for all Group Policies is below or equal to the Free Cover Limit, the insurance coverage shall commence on the Effective Date of Coverage as stated in the Schedule.

• For Eligible Member whose Total Sum Assured is greater than the Free Cover Limit, the insurance coverage up to the Free Cover Limit shall commence on the Effective Date of Coverage as stated in the schedule or the date of acceptance by the Company of evidence of satisfaction of simple tests of insurability prescribed, whichever is later.

• The Sum Assured, along with the Rider and ABO benefits in the event applicable and opted for, as defined in the Schedule, is payable by the Company on occurrence of the Insured Event.

• The eligibility of the Insured Member for receiving coverage for the Sum Assured above Free Cover Limit shall be determined after completion of the Individual Underwriting process as per the internal guidelines of the Company and coverage shall take effect on the date the Company states in Writing, provided all other eligibility conditions are met by the Insured Member on that date.

More Definitions of Sum Assured

Sum Assured means the amount payable under this Policy per Scheme Member upon death during Insurable Membership subject to terms, conditions and provisions of this Policy.

Sum Assured means the amount stated in the Schedule, which is the maximum amount (regardless of the number of amount of claims made or the number of the Insureds who make a claim) for any one claim and in the aggregate for all claims for which the Company will make payment in relation to the Cover to which the Sum Assured relates during the Policy Period.

Sum Assured means an absolute assured amount as specified in the Schedule, which is payable on the death of the Life Insured;

Sum Assured means an absolute amount of benefit which is guaranteed to become payable on death of the member.

Sum Assured means the amount specified in the Policy Schedule / Member annexure

Sum Assured means the amount specified in the Schedule that is payable on the Life Insured's death in accordance with the terms of the Policy;

Sum Assured means the amount as specified in the Register of Members or the Certificate of Insurance, as the case may be, which is payable on the death of a Member during the Period of Coverage;