There is no upper limit for the sum assured under a life insurance policy. Normally, insurers allow risk coverage up to 20 times of a person’s annual income if his or her age is between 20-35 years, up to 15 times of the annual income if the age of the person is between 35-50 years and up to 10 times of the annual income if the person is above 50. However, the sum assured depends on the financial position of the insured and the insurer’s financial underwriting policy.

The insured should also declare his or her existing life coverage amount to the insurer at the time of applying for a new policy.