In the case of life insurance, the benefits and the sum assured is paid on the maturity of the policy or in the event of the policy holder’s death. On the other hand, in the case of general insurance, the claim or the actual loss amount is reimbursed when a specific event occurs.

Because the contract of life insurance is long-term in nature, the premium is paid all through the term of the policy or until the minimum premium paying term. As far as the premium of general insurance is concerned, the premium is paid if the policy is renewed in the next year.

Mandatory General Insurance a User Should Have

Health insurance is a must-have cover, given the ever-increasing healthcare charges, while travel and home insurance can help save you from a lot of grief. They are however not mandatory to have. The general insurance cover that is mandatory is third-party liability car insurance. This is the minimum coverage that a vehicle should have before they can ply on Indian roads.

Each and every type of general insurance cover comes with an aim, to offer coverage for a particular aspect. So, if you have not yet availed general insurance covers, then make sure you recognise your needs and buy the ones you require as soon as possible.

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