Difference between life insurance and general insurance pdf

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difference between life insurance and general insurance pdf

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In life, any unexpected situation can disrupt your family's well-being. For such scenarios, different types of life, health and general insurance policies are available in India that offer comprehensive financial protection to your loved ones and yourself. At the same time, you can opt for an insurance cover to protect your assets and property. However, before purchasing an insurance policy, it is imperative to understand the different types of insurance policies and then choose the ones that align with your needs. Insurance is a legal agreement between an individual and the insurance company, under which, the insurer promises to provide financial coverage Sum assured against contingencies for an amount premium.

Difference between Life Insurance and General Insurance | Insurance

Life threatening illnesses like cancer, heart ailment and disability can be a financial burden in life especially if you are not prepared for it. Life is full of aspirations and goals. A good financial plan in place can help you achieve these goals at the required time. Understanding Life Insurance can be complex in itself. How do you then decide on which life insurance plan works for you and how should you go about buying the one best suited for you.

We all dream of a retirement that is stress free and where we get to live life finally on our terms. Your small investment decisions today, could have a huge impact on your retirement corpus tomorrow.

Organise your life smartly for better peace of mind and a happier family. Strike a balance between the family, income, household and professional life with these life-hacks. Explore the various tax saving options to maximize your income while rushing towards your financial goals. Consider this scenario: you are planning a vacation through the colourful cities of Europe. It takes a lot of meticulous attention to detail, from bookings to itinerary.

Your flight has a layover, and the connecting flight gets delayed. It cost you around Rs 30, for the tickets and you also had to bear the hotel booking cancellation charges. A simple travel insurance policy worth Rs could have saved you from all the unnecessary expenses and hassle. We usually shirk away from talking about death but consider another scenario: a friend of yours meets with an accident. He, unfortunately, passes away and is survived by a wife, two kids and one elderly parent.

A life insurance plan could have ensured that if he paid a premium worth Rs 7,, the family would receive around Rs 10 lakhs under the circumstances, and therefore, be financially cushioned to continue their lives amidst the loss.

So, life insurance covers your life, with some variants of the policy providing an investment feature too. The policy also comes with a maturity benefit - if you, the policyholder, outlive the policy period, you receive a maturity benefit, which is essentially a return on the premiums you paid through the years. On the other hand, general insurance is a contract of indemnity which involves non-life assets.

Therefore, it includes all kinds of non-life insurance, namely motor insurance, travel insurance and health insurance, among others. It compensates you for the damages it promises to cover, but has no savings or investment tangent.

The main purpose of life insurance is to provide for your family and dependents in your absence. Essentially life insurance death benefit is paid out in case the policyholder dies, or the maturity benefit is paid in the event that the policyholder survives the policy duration. On the other hand, general insurance makes claims settlement and payouts in the event of an unexpected material loss such as accidental damages or theft or disfigurement of vehicle or travel glitches.

These are essential in the form of compensation for the loss to the extent they are covered under the policy papers. By the nature of its coverage, life insurance is a long-term contract. You pay monthly premiums for a long time until the policy reaches maturity. General insurance is a short-term contract. Travel insurance would only last as long as its purpose - your travel - does.

It will require you to pay the entire premium up front. Life insurance policies with investment elements, pay the amount on either maturity or on the occurrence of the event. Under general insurance, claim for losses is filed whenever the event occurs. Due diligence is carried out often to make sure the policyholder did everything to prevent the damage and only then the claim is approved. This claim is also restricted to the amount of damage, whereas life insurance claim is paid in full.

You can choose an appropriate online life insurance plan from a wide array of policies offered by Future Generali, and depending on whether you want an element of investment, you can go for the Future Generali Easy Invest Online Plan. Such a plan will also provide the flexibility to choose the period of protection and the period of premium payment.

If you are solely looking at long-term protection at affordable rates, choose a term insurance plan. There is a huge difference between a term insurance plan and ULIP. Read on to understand the difference betwee… Read more. Click to… Read more. Cancer Insurance vs. Critical Insurance Plans. Here's a detailed explanation of differences between Cancer insurance and Critical Illness insurance plan.

Rea… Read more. Tax benefits are as per Income Tax Act and are subject to any amendments made thereto from time to time. You are advised to consult your tax consultant. Marg, Vikhroli W , Mumbai — Fax us at: Email: care futuregenerali. Learn More. Financial Planning Life is full of aspirations and goals. Life Insurance Understanding Life Insurance can be complex in itself.

Retirement Planning We all dream of a retirement that is stress free and where we get to live life finally on our terms. Smart Living Organise your life smartly for better peace of mind and a happier family. Careers View Openings. Fund Performance. Pay Premium Pay Now. Live Chat.

Customer Portal. Customer App. Here is the difference between life and general insurance. Critical Insurance Plans Here's a detailed explanation of differences between Cancer insurance and Critical Illness insurance plan. Follow Us:. Send An Advisor. All Rights Reserved. Visit General Insurance. Public receiving such phone calls are requested to lodge a police complaint.

Life Insurance and General Insurance : Top 5 Differences and Their Types

You can select more than one member. Do you believe in planning for the future? If yes, purchasing Life and Health Insurance policies should be your next move. Want to understand everything about these policies? Read and sharpen your knowledge with us. Life insurance is like your personal safety that your family can open once you are not around to fulfill their needs. The death benefits in most cases are income tax-free.

Types of General Insurance

The insurance plans which covers the life-risk of an individual is called life insurance. On the other hand, the insurance plan which covers any risk other than the life-risk of an individual is called general insurance. Life insurance is a protection against financial loss that could result from the premature death of an insured individual.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product.

Life Insurance versus General Insurance

For offline Signature refer to Offline Signature Brochure. This section helps you understand the amount of money that you could invest in either equity or debt as per your risk preference. Get answers to all your questions regarding claims, their submission and settlement. Here is what our delighted customers have to say about their online buying experience.

Most Popular You can select more than one. In case, you wish to buy a plan for your siblings, aunts, uncles or any other relatives, you can buy a separate plan for them. You can select more than one member. Leaving with family for a weekend getaway? Just think of all the assets you possess like your home, car, jewellery and other valuables. What if you lose all of it due to some fire, theft or a natural calamity?

Share Highlights Life insurance is a form of investment offering savings. The cornerstone of financial planning, insurance hedges you, your dependents and your assets against financial losses incurred in case of an unfortunate event. The concept of insurance is pretty simple. You pay a certain amount called the premium to the insurer who in turn offers a coverage and pays a pre-determined amount for the damages suffered. However, depending on what your insurance covers, they are classified as life and general. In this article, we will explain both these types of insurance and their various aspects. As the name suggests, life insurance covers your life.


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