If you are the only earning member of your family; there are high chances of your family facing unimaginable financial instabilities after your demise. Life insurance can reduce these disasters and help your family be financially independent. But before you apply for life insurance you need to understand the difference between life insurance and other insurance available. Here are some benefits of life insurance and general insurance.


Life Insurance
Life insurance ensures your family or nominee with a certain amount of financial aid in case of your premature death.

  • If you have any loan liabilities, certain policies help you to pay it off. You will thus be sparing your loved ones the obligation of paying the loans rather than running the family.

  • A life insurance policy will also be beneficial for taxpayers. If you are a salaried person, you can reduce your tax liabilities according to deductions under Section 80C.

General Insurance
You can protect the non-living assets by purchasing various general policies.

  • House policy lets you cover your entire home, appliances, and furniture. Also consider the fire/flood insurance, and the theft insurance.

  • If you meet with an accident; the cost of recovering the damages will be undertaken by the insurance company providing the car insurance policy.

Purchase a health insurance policy so that your nominee can enjoy its benefits if admitted to the hospital.

Having an insight into the benefits of life insurance and general insurance will help you choose the one which is most suitable for your current financial condition.