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Difference between Life Insurance and Health Insurance

Difference between Health Insurance and Life Insurance

Life insurance

Health insurance

Life insurance is a comprehensive cover that offers you complete Insurance all through your life span, it is not limited to a certain expense. It actually is the coverage in the eventuality of the insured’s demise, when the sum assured goes to the beneficiary.

Health insurance is usually limited to only catering to your medical/surgical/ hospital needs, providing just a medical emergency cover as and when required. It does not go beyond your medical expense care.

The premiums are both fixed and flexible depending upon the type of Life insurance picked. Some Life Insurance plans also come with future investment value policies for better cash value.

The premiums are mostly fixed. Health insurance provides coverage to deal with expenses incurred during medical emergencies. Investment is not the motive of these plans, protection is. One can claim a No-claim bonus in some cases.

Life insurance is a long-term plan.

Health insurance is a short-term plan.

Life insurance is generally for a fixed tenure. It normally is terminated once the tenure of the Insurance is over.

The tenure of this kind of insurance is not fixed. Under normal circumstance, the insured renews the policy annually so he/she can continue to have the protection coverage it offers.

Life insurance is mainly protecting your family/beneficiary/nominee financially in the eventuality of the insured’s demise.

Health insurance is the protection cover for self as well as the family, in order to avoid any unfortunate eventuality such as loss of life due to financial constraints.

Life insurance, depending upon the insurance you choose offers both Survival and Death benefits at the end of the insurance term.

Health insurance comes with no Survival or Death benefit, it only caters to your current medical needs and treatment.

In some cases, by paying a little extra premium, the money you invest comes back to you tax-free, upon maturity, in case you outlive the policy term.

No amount is refunded at the end of the policy term. The amount comes back only as reimbursement that too against the expenses you incurred during the term for your illness or any other medical expenditure.

Benefits of Life and Health Insurance