Best Life Insurance Plans in India
Best Life Insurance Plans in India Introduction Life insurance acts as a financial safety net, ensuring the well-being of your loved ones in your absence. It’s a contract between an individual and an insurance company, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. In India, with the uncertainties of life compounded by financial responsibilities towards family, securing a life insurance plan isn’t just recommended; it’s essential. Difference Between Life Insurance, General Insurance, and Health Insurance : Parameters General Insurance Life Insurance Health Insurance Basic Benefit Insurance coverage for non-life assets, like home, health, and travel Life cover benefit to be given to the family Health cover to deal with medical emergencies in life Premium Payment The entire premium is usually paid at the time of buying/ renewing the policy A fixed amount to be paid for a specific tenure (in years)