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Key Takeaways
A higher sum assured in life insurance generally results in a higher basic premium due to increased coverage
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Factors Affecting Life Insurance Premium Calculation
Sum Assured Amount: The higher your sum assured , the higher your premiums will be. However, with high premiums, you can attract discounts on the premium rates. A higher sum assured means that your coverage is high, and for high coverage, you will have to pay a higher premium in insurance.