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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