Life Insurance is a financial contract between an individual and an insurance company that provides a lump sum payout (sum assured) to the nominee in case of the insured person’s death. It ensures financial security for loved ones and can also serve as a savings or investment tool depending on the policy type.
Health Insurance is a financial product that covers medical expenses incurred due to illness, injury, or hospitalization. It helps protect individuals and families from high healthcare costs by reimbursing or paying for eligible medical bills, ensuring access to quality healthcare without financial stress.