A Life Insurance policy is a contract between the policyholder and the insurance company wherein the later promises to pay a pre-defined amount called sum insured to the beneficiary /nominee after the death of the life insured, within the policy period.  While the policyholder, in order to avail the benefits, agrees to pay premiums for a certain period either monthly, half-yearly or yearly. Some life insurance policies come with pure protection, some with protection-cum-investment while some come with investment only.

A health insurance policy is an insurance coverage that covers medical expenses such as - in-patient hospitalisation costs, surgery costs, emergency ambulance cost, hospital per day allowance, medicines bill etc. of life insured; if he/she becomes sick or gets injured in any accident.

A mediclaim policy, in general, very much similar to a health insurance policy; but it’s ambit of coverage is not as comprehensive as a health insurance policy has. A mediclaim policy pays-out medical expenses towards accident and pre-specified illness, and for specific sum insured; whereas, a health insurance policy covers maximum diseases including critical illness, and accidents as well. A health insurance policy gives you flexibility to review your sum insured and policy term after a specific period; but in mediclaim policy, you can’t.

Motor Insurance policy is a contract between a vehicle owner and an insurance company wherein the insurer assures to provide protection against financial losses to the owner in exchange of premiums paid, if the insured vehicle gets damaged or stolen. Also, it covers liabilities for injuries, damages to others caused by your car.