Is 'sum insured' different from 'sum assured'?
Updated: 01 Jun 2022, 01:15 PM IST
TL;DR.Insurance jargon might be difficult to understand. However, it is critical to comprehend various insurance terminology because they have a significant impact on your coverage. Sum insured and sum assured are two of the most essential insurance terms. Read further to understand the difference between the two.
Sum assured is a concept applicable in life insurance policies whereas the sum insured is the amount of money paid as compensation in non-life insurance policies.