The total period for which she has to pay the premium was ten years. Priti chooses to purchase a life insurance plan of Rs.50 lakhs. So, the general insurance plans are purchased for one year. Rajat purchased a comprehensive car insurance policy for his car. A life insurance plan is issued for the lifetime of the policyholder or until the maturity period.
Rajat purchased an endowment plan which will pay some amount upon maturity or his family members will get money if he dies. In case of loss due to fire, the insurance provider will pay the amount of claim after the deductibles (as applicable). 1 Crore and the premium that he has to pay was Rs. A took a Fire Insurance plan for his company. So, the reimbursement in a life insurance plan is made either at the time of death or maturity. After giving approximately 10 installments, Mr. A took a life insurance policy of Rs.1 Crore for which he has to pay Rs.20, 000 annually as premium for 50 years. Difference between Life Insurance and General Insurance In this way, a general insurance policy for a car fulfilled your requirement of financial help in case of car damage due to an accident. The amount that you have paid for repairing your car can be reimbursed under a comprehensive car insurance policy. A car insurance plan in such a case plays a key role. Now you require approximately Rs.7500 to fix the bumper and Rs.2000 for dent repair. Your car's bumper comes out and it gets a dent. Suppose you are driving back home after completing a stressful day at work and suddenly another car hits your car from behind. The Requirement of General Insurance Policy