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General insurance vs life insurance

Ravi Desai (Others) (103 Points)

24 January 2013

Please explain me the difference between general and life insurance?

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6 Replies

CMA Ramesh Krishnan (Cost & Management Accountant) (71489 Points)
Replied 25 January 2013

Life insurance will give cover for Human life, other than life insurance all are general insurance

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Ashish Kelkar (Teacher) (50 Points)
Replied 30 January 2013

I agree with all of the above comments. Basically, life insurance is a non-personal insurance contract where the policyholder and the person being insured do not have to be the same person. General insurance is always a personal contract where the insurance company contracts with you directly for insurance protection.

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Gaurav (Own Business) (151 Points)
Replied 06 August 2013

Life insurance is very wide category of insurance which can be subdivided into health/medical insurance, term insurance, mediclaim and more...Means any kind of insurance policy that directly relate with human life, known as life insurance. Whereas general insurance can be take as non-life insurance which provides for the thing that related to humans assests/liability like home, car, education and more..car insurance policy comes under general insurance category.

Raj Kanwar (MBA) (111 Points)
Replied 13 November 2013

Life insurance is insurance for life against a sum of money paid on the death of the insured or after a stipulated time frame. General Insurance is insurance except life insurance and it covers vehicle insurance, travel insurance and home insurance.

Rahul Sharma (MBA) (91 Points)
Replied 20 November 2013

Life insurance is an assurance of a person’s life. In other words life insurance is taken to cover for loss of life and non-life insurance is General Insurance such as Motor Insurance, Health Insurance and Travel Insurance.

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Veeral Desai (Others) (39 Points)
Replied 16 January 2014

Life insurance is an insurance on your life in which beneficiary get paid on your death or after the term period and general insurance is an insurance of your car, health, travel etc.