Life insurance policies cover the insured individual’s life against a substantial sum of funds for a fixed tenure. If the insured dies during this period, his/her family members are liable to receive this coverage amount from the life insurer as death benefit. However, death benefit clauses are not present in general insurance plans. 

Life insurance policies cover the insured individual’s life against a substantial sum of funds for a fixed tenure. If the insured dies during this period, his/her family members are liable to receive this coverage amount from the life insurer as death benefit. However, death benefit clauses are not present in general insurance plans. 

You should think of life insurance plans as a form of investment. You pay a sum of money as premium throughout the policy tenure. If the insured outlives this tenure, insurance companies offer a substantial return, based on the amount of premiums you serviced for the policy. Nevertheless, after expiry, the insured’s family member cannot claim death benefit.

You should think of life insurance plans as a form of investment. You pay a sum of money as premium throughout the policy tenure.

If the insured outlives this tenure, insurance companies offer a substantial return, based on the amount of premiums you serviced for the policy. Nevertheless, after expiry, the insured’s family member cannot claim death benefit.

In case of general insurance plans, the claim amount is determined by the extent of damage or the amount of loss suffered by the policyholder. For instance, in case of a car insurance claim, the insurer will check the extent of damage and assess the cost of initiating repairs. Based on this assessment, the insurance company offers monetary compensation. However, in the case of life insurance policies, the payout or claim amount remains the same irrespective of other factors.

In case of general insurance plans, the claim amount is determined by the extent of damage or the amount of loss suffered by the policyholder.

For instance, in case of a car insurance claim, the insurer will check the extent of damage and assess the cost of initiating repairs. Based on this assessment, the insurance company offers monetary compensation.

However, in the case of life insurance policies, the payout or claim amount remains the same irrespective of other factors.

Life insurance plans are long-term contracts, which can range up to 30-40 years in some cases. Therefore, middle-aged individuals opting for such policies can look to secure financial backing for family members in the event of their demise. General insurance policies have a shorter term, generally between one year and three years. Policyholders can choose to renew coverage before their existing protection lapses. Failure to renew these plans will lead to suspension of all policy benefits after the end of a particular tenure.

Life insurance plans are long-term contracts, which can range up to 30-40 years in some cases. Therefore, middle-aged individuals opting for such policies can look to secure financial backing for family members in the event of their demise.

General insurance policies have a shorter term, generally between one year and three years. Policyholders can choose to renew coverage before their existing protection lapses.

Failure to renew these plans will lead to suspension of all policy benefits after the end of a particular tenure.

There are around 57 insurance companies listed in India, life and general insurance companies.

There are around 57 insurance companies listed in India, life and general insurance companies.

In 2024, there are approximately 24 life insurance companies active in India and engaged in many life insurance products for customers.

In 2024, there are approximately 24 life insurance companies active in India and engaged in many life insurance products for customers.

There are 34 general insurance companies in the country that insure non-life assets such as health, motor vehicles, property, and travel.

There are 34 general insurance companies in the country that insure non-life assets such as health, motor vehicles, property, and travel.

Any insurance company operating in the country should mandatorily get itself registered with the Insurance Regulatory and Development Authority of India in order to sell any insurance product.

Any insurance company operating in the country should mandatorily get itself registered with the Insurance Regulatory and Development Authority of India in order to sell any insurance product.

To choose the right insurance company providing the right coverage, you need to consider certain variables such as the insurer's reputation, credibility of claims settlement, product offerings, quality of customer service, and strength in money matters.

To choose the right insurance company providing the right coverage, you need to consider certain variables such as the insurer's reputation, credibility of claims settlement, product offerings, quality of customer service, and strength in money matters.

General insurance in India is an insurance policy that covers assets and liabilities other than life insurance. It encompasses Hava policies such as health insurance, motor insurance, home insurance, travel insurance, and a plethora of commercial insurance products.

General insurance in India is an insurance policy that covers assets and liabilities other than life insurance. It encompasses Hava policies such as health insurance, motor insurance, home insurance, travel insurance, and a plethora of commercial insurance products.

Insurance helps in taxes by providing deductions on the premiums paid against them. Premiums paid for life insurance policies are eligible for capital deductions under Section 80C of the Income Tax Act and health insurance premiums under Section 80D.

Insurance helps in taxes by providing deductions on the premiums paid against them. Premiums paid for life insurance policies are eligible for capital deductions under Section 80C of the Income Tax Act and health insurance premiums under Section 80D.

In most cases, premiums paid towards any general insurance are not taxable. On the other hand, the benefits that a policyholder draws from some particular categories of policies, such as health insurance or even compensation on motor insurance, are related to tax implications in specific circumstances.

In most cases, premiums paid towards any general insurance are not taxable. On the other hand, the benefits that a policyholder draws from some particular categories of policies, such as health insurance or even compensation on motor insurance, are related to tax implications in specific circumstances.

General insurance has huge coverage of policies that encapsulate assets and liabilities other than life insurance. Ranging from health insurance to motor insurance, travel insurance, and home insurance. It also includes commercial insurance, such as marine and fire insurance.

General insurance has huge coverage of policies that encapsulate assets and liabilities other than life insurance. Ranging from health insurance to motor insurance, travel insurance, and home insurance. It also includes commercial insurance, such as marine and fire insurance.

The principal business of life insurance companies in India is financial protection products and investment solutions. These are always aligned according to every individual's changing life stages and different needs. Their policies include term insurance, whole life, endowment plans, ULIPs, and pension plans.

The principal business of life insurance companies in India is financial protection products and investment solutions. These are always aligned according to every individual's changing life stages and different needs. Their policies include term insurance, whole life, endowment plans, ULIPs, and pension plans.