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There are two methods of deciding the sum assured which is human life value and need based analysis. One should use need based analysis method for deciding sum assured. In need based analysis method we should add survivors living expenses, future value of outstanding life goals, outstanding debt, cost of dying (funeral, estate lawyer's fees, etc.) and subtracts saleable investments, and insurance already available. The difference is the sum assured required.

FAQs:

Can a policy holder have both paper and electronic policies?
Can anyone become or set up an Insurance Repository?
Can I take health insurance plan for my parents who are senior citizen? Is there any tax benefit available if I pay premium for them?
Can I take two policies and get claims under both of them?
Can policy holders have multiple e Insurance Accounts if they have multiple Insurance policies issued by various Insurance Companies?
Can the eIA be operated by the Policy holder only?
How can Insurance Repository provide free service to policy holders? Where is the catch?
How do I collect the maturity amount from the insurance company?
How do I convert my existing paper policy into electronic form?
How do I open an e Insurance Account (eIA)?
How do I reduce the cost of buying life insurance?
How do I understand a life insurance Policy?
How long will it take for the Insurance Repository to open AN e Insurance Account?
How much does life insurance cost?
How much health insurance I should opt?
How much should I insure for?
How much sum assured I should take?
How pension plan works?
I am already covered by my Employer in a Group Mediclaim policy, do I need to buy a separate policy ? In case of a claim will I get paid from both policies?
I am healthy. Why should I take health insurance?
I do not believe in taking health insurance instead of that I prefer in creating my own fund.
I have not paid premium for some time. Can I revive my policy?
I have not paid premium for some time. I want to discontinue my policy. Do I get anything back from the insurance company?
I want to save tax and plan for my 1-year old child's higher education. Which is the good insurance policy for this?
If I already have an e IA, how do I buy a new policy in electronic form?
If I get heart attack, cancer, stroke will I get covered in a health Insurance policy ?
If there are problems with claims what can I do?
Is it compulsory for all Insurance Companies to offer electronic policies?
Is it compulsory to issue policies in only electronic form? (i.e. is dematerialization of insurance policies compulsory, as in the case of shares?)
On what basis is claim paid?
Should I buy a life insurance policy even if my employer has insured me in a group insurance scheme?
Should I take Life Insurance?
Should I use insurance as an investment?
There is no return under Term Plan then why should I take Term Plan?
What are the basic elements of Life Insurance?
What are the benefits of group life insurance?
What are the benefits of holding Insurance Policies in electronic form?
What are the documents required to open an eIA Account?
What are the Tax benefits applicable to me if I invest in a Life Insurance Policy?
What are the tax benefits on Health insurance policy ? any additional tax benefits in proposed DTC ?
What are the various types of insurances?
What coverage available under health insurance plan?
What do I do if I need to make any changes to my policy or e IA? Do I submit a request to the Insurance Company or to the Insurance Repository?
What do I get if I insure?
What do I get if I survive the term of the policy?
What do I need to pay to maintain electronic policies in my e IA? And what is the fee for converting my existing paper polices into electronic policies?
What does my family get on my death?
What is "Waiver of Premium"?
What is a child plan?
What is a Guaranteed Surrender Value?
What is a medical examination when buying insurance?
What is a Money Back plan?
What is a Whole Life insurance product?
What is an e Insurance Account (e IA)?
What is an Insurance Repository?
What is Deferment Period?
What is Endowment product?
What is Fund Value and how it is determined?
What is general insurance?
What is Grace Period?
What is Group Life Insurance?
What is insurance?
What is Life Insurance?
What is Pre existing, Waiting periods and Exclusions in a health Insurance policy ?
What is Redirection?
What is Switching?
What is Term Insurance?
What is the difference between "Nomination" & "Assignment"?
What is the difference between health insurance plan of General Insurance Companies and Life Insurance Companies?
What is the fee I need to pay for opening an e Insurance Account?
What is the guaranteed Savings/bonus applicable under a Life Insurance Policy?
What is the periodicity of premium payments?
What is the right age to buy a Health Insurance Policy ?
What is the tax benefit available under health insurance plan?
What is unit linked insurance plan?
What is vesting age?
What kinds of policies are there?
What should be the duration (term ) of my insurance policy?
What should I do if I lose/misplace my insurance policy?
What type of insurances should I have?
What's the advantage of starting early in health insurance ?
What's the difference between Health Insurance & Mediclaim ?
When should I insure?
Which Insurance Policies can be held in electronic form?
Which Life Insurance Plan I should opt?
Which Policy is better - from General Insurance co, Health Insurance Co. or Life Insurance cos ?
Which type of policy is best suited for me ?
Who is an Authorized Representative (AR)?
Who should buy general insurance?
Whom should I insure?
Why do different people have different premiums ?
Why do I need Insurance?
Why should I buy life insurance?
Why should one insure ?
Will my family receive the insurance amount immediately after my death?
Will my premium amount increase after I have bought a policy?

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