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Maximum term insurance

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13 Oct, 2021 by  akshay kumar

What is the maximum term insurance sum assured any one can take?

What to do if my requirement is more than the generic thumb rule the insurance company insist?

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13 Oct, 2021
Self Employed - Digital Consultant

Hi Akshay,

The Sum Assured given is usually 20 to 25 times the average income earned in last 3 financial years. I guess the highest OTC cover available is about 50 Cr.

In case your need is more, you should write to the Insurer and request for the desired cover. Support your application with your income documents to establish insurability.

FYI, higher than usual covers are referred to the Reinsurer and grant of cover is dependent on acceptance by the Reinsurer.



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13 Oct, 2021
CEO, Insurance Samadhan

Dear Akshay

Sum assured depends on your avearge income and your age .

If you are below 35 years sge them sum assured can be 20 / 25 times of income .

If you are above 45 then it is multiple of 15 times .

This sum assured is including amount in all other insurances.

These sre standard thumb rule and insurance companies are very strict on that. All high sum assured are reinsured and reinsurance follow international norms .

You can try higher sum assured through steps below :

1. If you are running or own a business then try keyman insurance where sum assured is decided on underwriting business potential .

2. If you are partnership business then try Partnership insurance where underwriting is done on partnership valuation .

3. Take a big loan then you have a liability which need to be covered through group mortgsge redemption insurance .

4. Provide supplementary income proofs which shows ypur income generating capacity like income from share market or consultancy .

5. Insurer also accept CA certified networth certificate along with your qualifications and skill set .

So go ahead and try higher sum assured

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