Life Insurance vs General Insurance: After the Corona Pandemic, the demand for insurance takers in the country has increased significantly. People are taking life insurance and general insurance in large numbers. But, many people do not know the difference between these two. He remains confused between the two.
What is Life Insurance? (What is Life Insurance)
As its name is Life Insurance, then it is clear that it gives coverage to your life. It helps your family with money in difficult times of life. In life insurance, there is an agreement between the policyholder and the company. Under this, by taking some money every month, the company gives financial protection to the insured. If an insured dies during this contract, then the company gives a fixed amount to his family or nominee.
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Know what are the types of life insurance policy
Term Life Insurance Plan- It can cover the entire risk of life.
Unit Linked Insurance Plan (ULIP/ULIP) – This can be an opportunity to invest along with insurance.
Money Back Plan – Through this plan, you keep getting some money as returns from time to time.
Whole Life Insurance- Under Whole Life Insurance, you get life coverage for the whole life of the insured.
-Child Plan – Through this plan you can invest in your children’s education and their future.
-Retirement Plan – You can see these options for your post-retirement plan and money.
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What is General Insurance? (What is General Insurance)
The insurance which does not come under the purview of life insurance is called general insurance. It includes many insurance products like Fire Insurance, Marine Insurance, Motor Insurance, Accidental Insurance. With this insurance, all the property that is damaged is protected. At the same time, in this insurance also, you have to deposit insurance premium every month, three months, six months or annually.
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