life insurance

What is the difference between Life Insurance and General Insurance in 2022

Life Insurance & General Insurance

 

What is the difference between Life Insurance and General Insurance, if you understand these points, then you will understand the difference?

There has been a lot of talk about insurance in the world since the 2019 coronavirus (COVID-19) pandemic. Along with health insurance, awareness has also increased among people regarding life insurance.

But even today some people do not understand the difference between Life Insurance and General Insurance. Let us understand both types of insurance today. With this we will know the difference between these two, then read this post of ours.

Know about Life Insurance

 

As the name suggests, life insurance provides coverage to your life. Life insurance helps your family through monetary relief in difficult times. A life insurance policy is a contract between an individual and an insurance provider. Under this, the insurance company gives financial security to the policyholder in lieu of monthly charges.

According to this contract, if any kind of accident happens to the insured person and he dies in it, the insurance company pays a sum assured amount to his nominee (family member).

There are different types of life insurance

  • Term life insurance plan
  • Unit Linked Insurance Plan
  • Endowment plan
  • Money Back Plan
  • Whole Life Insurance
  • Child plan
  • Retirement plan

 

term life insurance plan-It completely covers the risk

Unit Linked Insurance Plan – Along with insurance, there is an opportunity for investment

Endowment plan-Insurance & Savings

Money Back Plan- Periodic Returns with Insurance Returns B from time to time

Whole Life Insurance –Whole Life Coverage for Life Assured / Whole Life Coverage for Life Assured

Child plan-Children’s life goals like education and marriage

Retirement plan-To get income after retirement

 

What is General Insurance

 

Such insurance products which do not come under the purview of life insurance, are called general insurance. In which types of insurance come and they are available in different plans.

There is a risk of loss of physical assets and hence the need to protect the economic value of such assets. For this purpose, General Insurance products were brought so that they can provide protection against unexpected events like loss or damage to properties.

  • Fire Insurance
  • Marine Insurance/Motor Insurance
  • Accidental Insurance
  • Health Insurance

Like life insurance, premiums have to be paid in case of general insurance policy as well.Health Insurance- Under this insurance, the insured gets coverage for the treatment of any kind of disease or medical expenses.

note-

We are happy to give this information to you, hope you have understood, we are suggesting that you must follow the rules and regulations of the insurance company before getting yourself insured because you should choose your right plan.

 

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