Difference between Life Insurance and General Insurance

Are you losing your mind to find the right insurance that can give you the maximum level of protection? The concepts of life insurance and the general insurance may seem overlapping; however, there is a thin line between them.

The general insurance and life insurance may be two peas in one pod, but the New India Assurance General Insurance sure does differ from that of the terms of life insurance. In a nutshell, the general policy details indicate that the policy protects you from all the risks other than that are linked to life. On the contrary, life insurance protects you from every aspect of life.

Difference between the Concepts

To get a better understanding of the critical difference between the New India Assurance general insurance online and life insurance take a look at these points,

●     The general insurance policy period is for short term but the period of life insurance is long-term.

●     New India Assurance General Insurance provides you coverage on various aspects including two or four-wheeler motor, marine, fire, and others. However, the life insurance policy covers life risks only.

●     You can opt for the New India assurance general insurance payment in a lump sum, but for the life insurance, you need to pay almost every year. Moreover, the former is provided for inanimate objects other than the health insurance policy, and the latter is given to the nominee or a particular person.

●     For making the general insurance policy status valid, insurable interest needs to exist at the time of loss and contract. On the contrary, for life insurance insurable interest needs to be there at the time of inception of the contract.

Little Deets on New India Assurance General Insurance

The general insurance of New India Assurance General provides you with an extensive collection of policies that cover your health but also family's health. Additionally, the policies based on aviation, cargo, marine and jewelers block can be helpful for every businessman on the earth. The variety of the policies available with New India assurance general insurance quotes includes,

●     Liability insurance

●     Social insurance

●     Commercial insurance

●     Car insurance

●     Family insurance

●     Health insurance

●     Senior citizen health policy

●     Shopkeeper insurance

Benefits of General Insurance

As the general insurance policies are available for every aspect, you can benefit out of these on a large scale.

Property insurance protects your home from natural adversities and unfortunate cases

Car or two-wheeler insurance gives you coverage on the third party liability, theft or damages caused due to storm, flood or earthquake

Health insurance covers all your medical expenses

Things You Need to Know about Insurance Policy Quotes

The first thing you need to do before getting general insurance is to know all about the New India Assurance general insurance quotation. Following are the things that must possess to get quotes,

●     Existing policy only if you have one

●     Your driver’s license

●     Your vehicle number and the dates of purchasing and manufacturing

Now you know what you need to have you ask your policy maker about the New India Assurance general insurance rates. Moreover, you can calculate the premium that you will need to pay for new India assurance general insurance online renewal in advance.

Information on the Life Insurance

The policy formed between you and your insurer for a specified period ranging from usually 15 or 20 years that covers your financial expenses related to life. This means after your demise, your family or the nominee can utilize the sum assured. The perks of several types of life insurance are,

●     Endowment Policy - For this policy, the term period ranges from 10-35 years where the investment profits are given to you as unique perks.

●     Unit Linked Policy - Spanning between one to two decades, in this policy you can claim tax exemption.

●     Money Back Policy - Covering for your services for 5 to 25 years, you can get the regular financial benefit without hampering the death benefit.

Life Insurance vs. General Insurance Continues

As the life insurance policy is a long-term plan in your life, at the time of its maturity, you get maturity perks along with the amount of premium. However, being short-term, the New India Assurance General Insurance does not provide you with the premium in return. Moreover, the general policy does not evolve with only retirement and death as that of life insurance. Furthermore, the nature of general insurance policy renewal varies from that of life insurance policy.  

There is no need of stressing over the fact that two of these policies are contradictory. From the period of the policy to its benefits, everything is different in these policies; hence, you should always go through the terms and conditions to understand beforehand what your benefits you are going to get. Furthermore, a compare check on the policies needs to be done to understand which policy is going to fill your requirements and when.

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