What generally determines the benefits provided under a life insurance policy?

The benefits provided under a life insurance policy are primarily determined by the sum insured. The sum insured is the amount of money that the insurance company agrees to pay upon the death of the insured or when a covered event occurs, assuming the policy is in force and all premiums have been paid. This amount reflects the intended financial protection the policyholder wishes to provide to their beneficiaries and is a crucial factor in the policy's design.

While other factors such as the applicant's age, the insurer's investment strategy, and the policyholder's health history can influence policy terms, underwriting, and premiums, they do not directly dictate the benefit amount itself. The focus on the sum insured highlights the purpose of life insurance, which is to provide a specific financial benefit to survivors in the event of the insured's death or other covered circumstances.