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Life insurance is getting your life insured with a specific amount. Upon the death of the insured person, a specific amount which is assured is provided to the nominee/beneficiary. Health insurance is insurance against the risk of medical expenses at times of medical emergencies and day-care procedures. There are many providers providers of life insurance and health insurance in India who offer really impressive plans for you and your family at affordable rates.
Health or medical insurance covers if you are sick or illed, while the other one covers death of a person.
Health & Medical Insurance are same and cover the eventuality in case one gets ill and needs a major surgery/treatment/hospitalization. Life Insurance on the other hand covers the eventuality of death, where the sum assured goes to the Nominee. The money would be handy for the dependents in-case of your untimely death
health for operation and medicine with ill
life: for die for any reason accident or normal die
Providing life cover to the policyholder is the main objective behind opting for life insurance. The policyholder wants to be sure that his family / dependents can maintain their lifestyle in his absence. In an eventuality, proceeds from the life insurance policy will replace his income allowing his family members to lead a near-normal life as far as the household finances go.
Health insurance aims at covering the actual cost towards treating illnesses/medical conditions subject to the sum assured. There is no life cover, meaning there is no payout on death.
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I am apologies to answer this question because it's not my specialist field
A lot of people tend to compare health insurance and life insurance to try and decide between the two. However, when you look at the two types of insurance closely, you'll see it shouldn't be a matter of deciding which one you need, as they offer very different services. The main differences between health and life insurance are:
People take out health insurance to assist with the cost of medical bills, as the insurers tend to cover all or part of the costs. It can be used for standard procedures like a general doctor’s visit or a pregnancy, but it can also be used to cover the costs in cosmetic surgery. Taking out private health insurance can allow you to have your choice of a private room in hospital and can permit you to have your choice of doctor.
Advances in technology have allowed us to extend our standard life expectancy, which can mean lengthy hospital stays or expensive medical bills if we do contract a debilitating illness or injury. Health insurance offers coverage for a wide range of procedures and treatments when these problems eventually occur.
Unlike health insurance, life insurance is an amount of money you choose that you insure to cover your debts and take care of your loved ones when you pass away. People take into account debts such as your mortgage or rent, personal loans, credit cards, and future education costs if you have children. This can serve as a replacement income for your family if they were relying on yours, or it can be used to pay off all your debts in one go. A lot of companies will also pay out part of the lump sum early to cover funeral expenses.
As you can now see, there is a big difference between the two types of insurance. It's not a matter of picking one or the other. You need to assess your individual situation and decide what is right for you.
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