Life insurance:
Life insurance (or commonly life assurance, especially in the Commonwealth) is a contract between an insured (insurance policy holder) and an insurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events.
What are the main products of life insurance?
General insurance
General insurance is basically an insurance policy that protects your against losses and damages other than those covered by life insurance. The coverage period for most general Insurance policies and plans in usually one year, whereby premiums are normally paid on one-time basis.
What are the risks that are covered by general insurance?
What are the main products of general insurance?
List of Major General Insurance companies in India – View Here
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