Life Insurance
The type of insurance which covers the person’s life is known as life insurance. Based on the insurance policy of this category, the insurer can also compensate for events like critical illness. It is divided into two categories- “Term insurance and Endowment insurance”. In term Insurance, insurance is done for a fixed period of time and is one of the most popular life insurance nowadays. It covers full risk against any kind of event. The second category of life insurance is endowment insurance which is for the whole life of a person and offers life risk insurance with combined benefits of life insurance and savings.
Difference between Life Insurance and General Insurance
Insurance is termed as a contract where an individual or an organization applies for financial protection from an insurance company and is represented in the form of a policy. This topic comes under the category of “Economics”. Kindly bookmark this topic for future use.
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