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Life Insurance v. Health Insurance


You may have aimed to attain several goals in your working life. You toil and earn to ensure that your life is valuable. You want to achieve all of your objectives and see that your family members reach their investing objectives as well.


However, life is unpredictable. What if you were the sole breadwinner and died suddenly? Your family would face a financial catastrophe in such a situation. Everything they've been thinking comes to a standstill.


Life insurance is required to ensure that your family members' ambitions and desires are realised.


What is the definition of a life insurance policy?


Life insurance protects you and your loved ones by providing financial support if you are unable to be with them. In the case of your death, your dependents will receive a lump sum payment from the insurance.


You must pay tiny amounts known as premiums on a monthly basis in exchange for this coverage. Your coverage will not be activated unless premiums are paid.


ULIPs, Savings plans, Term plans, and other types of life insurance are available.


What is the definition of health insurance?


In exchange for recurring premium payments, health insurance promises to cover all or part of your medical expenditures.


The value of having a health insurance plan for yourself and your family cannot be overstated, especially as medical expenditures continue to rise year after year.

There are two forms of health insurance: private and public.



Life Insurance

Health Insurance

Plans range from 5-30 years. Certain plans offer coverage up to 100 years.

​Shorter duration. Ranges from 5-10 years

​Premiums are higher as compared to term insurance.

​Premiums are moderate. They increase with age.

​Maturity benefit is received after the policy term is over provided the premiums are paid.

​Provides cover for medical emergencies (hospitalization expenses) till the policy is active.

​Tax deductions available u/s 80C and 10(10)D on the death benefit

​Tax deductions available u/s 80D



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