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Life Insurance vs General Insurance
Insurance helps protect you financially from unexpected events. There are two main types: life insurance and general insurance. Life insurance covers you if something happens to you, providing money to your family. General insurance protects your stuff, like your car or house, if it gets damaged. ...Read More
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What are the key differences between Life and General Insurance?
Life insurance and general insurance are two different forms of insurances. General insurance covers any other risk except for life-risk of the person injured. Life Insurance covers only the life-risk of the person insured.
In a table below, we have covered all the key points between Life Insurance and general Insurance:
Key Points |
Life Insurance |
General Insurance. |
Meaning |
It is an insurance contract, which covers the life-risk of the person insured. |
It is an insurance that is not covered under Life insurance. |
Form |
It is a form of investment. |
It is a contract of indemnity. |
Term of Contract. |
It's a long term contract. |
It's a short term contract. |
Premium |
Premium has to be paid over the year. |
Premium has to be paid lump sum. |
Insurance claim |
Insurable amount is paid either on the occurrence of the event, or on maturity. |
Loss is reimbursed, or liability will be repaid on the occurrence of uncertain event. |
Insurable Interest. |
Must be present at the time of contract. |
Must be present, at the time of contract and loss both. |
Policy Value. |
It can be done for any value based on the premium policy. |
The amount payable under life insurance is confined to the actual loss suffered. |
In conclusion, Life insurance has a component of savings and General insurance has no such component. Life insurance is an insurance against life- risk only and General Insurance is insurance against motor, fire etc.
HDFC LIFE offers various plans under LI and GI both for you to choose from as per your need and risk appetite.
FAQs on What are the key differences between Life and General Insurance?
1. What are two basic types of insurance?
A. Life insurance and general insurance are two different types of insurance. While general insurance covers any other risk except for life-risk of the policyholder, life insurance covers mainly the life-risk of the insured person.
2. How does the coverage provided by life insurance differ from that of general insurance?
A. The key difference between coverage of life and general insurance is the coverage of life of the policyholder. Life insurance provides financial protection through a sum assured to the policyholder's nominee/beneficiary in case of the insured's death. General insurance does not cover the life risk of the policyholder, and it provides coverage for damages or losses to the insured's assets like home, car, etc.
3. Why is general insurance important?
A. General insurance is important because it financially protects the policyholder from non-human life losses, such as assets of the insured (including car, home, business and other valuables). Having general insurance safeguards your nominees from such losses and also saves you, the policyholder, from the constant mental pressure of mishaps in life.
4. Which is the best life insurance?
A. Term life insurance is often considered the most suitable life insurance as it offers a high sum assured at affordable premiums when compared to other insurance products such as ULIPs or money-back plans.
5. What is general insurance, and what are its features?
A. Policyholder wherein the insurer promises the insured to cover non-life General insurance is a contract between the insurance company & the risks such as burglary, fire, legal liabilities, personal accident, etc., including the financial loss associated with assets like home, car, etc. Health insurance, travel insurance, home insurance, commercial insurance, and motor insurance are some of the types of general insurance.
Sources:
https://irdai.gov.in/web/guest/non-life2
https://irdai.gov.in/en/web/guest/life3
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Not sure which insurance to buy?
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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Here's all you should know about life insurance.
We help you to make informed insurance decisions for a life time.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
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^ Available under Life & Life Plus plan options
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
##Individual claim settlement ratio by number of policies as per audited annual statistics for FY 23-24
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V07), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
**7% online discount available on 1st year premium only
@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
ARN- ED/05/24/11810
