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The amount an insurance policy guarantees to pay, as written in the policy.
For a term plan, the sum assured is what is paid on death during the term. For an endowment or money-back plan, it is the base on which the death benefit, maturity benefit and additions are calculated, and the death benefit is often defined as the higher of the sum assured and a multiple of the yearly premium.
It is not the same as what the policy finally pays, which also depends on bonuses or guaranteed additions.
Figures on this page are filled from the same tax and scheme tables the calculators use, for the current financial year. Every term in the glossary.