What is the difference between general insurance and life insurance?

Question

Accepted Answer

General insurance covers assets and liabilities while life insurance covers the risk of death and provides financial security to the family.

General insurance covers assets and liabilities such as car, home, travel, health, and business insurance.
Life insurance covers the risk of death and provides financial security to the family in case of the policyholder's demise.
General insurance policies have a fixed term and premium, while life insurance policies can be for a fixed term or whole life and have a premium that depends on the policyholder's age, health, and lifestyle.
General insurance policies do not have any maturity benefits, while life insurance policies provide maturity benefits if the policyholder survives the policy term.
Examples of general insurance include car insurance, home insurance, travel insurance, health insurance, and business insurance. Examples of life insurance include term life insurance, whole life insurance, and endowment policies.

Accepted Answer

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

Accepted Answer

General insurance is related to tangible products and life insurance is related to living beings

Top HR questions asked in HDFC Life Bancassurance Officer