Difference between Life Insurance and Health Insurance

While Health Insurance covers the expenses incurred towards treatment, Life Insurance can help your family reduce their financial burden in case of your untimely demise.

Let's check out a few key differences between Life Insurance & a Health Insurance policy: You must also remember that both Life Insurance and Health Insurance are distinct elements of your financial portfolio covering different types of financial risks. It's time to undertake a financial planning exercise to learn more about your requirements and make an informed decision.

While the above differences hold true with respect to purchasing health insurance and life insurance separately, the Axis Max Life SEWA Plan offers a unique blend of both. The Secure Earnings and Wellness Advantage Plan gives the insured triple benefit of health insurance, life cover and investment benefit in a single plan.

One must bear in mind that life insurance or health insurance are not currently a mandatory requirement in India unlike a few different types of general insurance like car insurance. Despite this ownership of both life and health insurance is rising in India as more and more Indians seek financial protection against life’s uncertainties. This is observation is based on the 75% Life Insurance ownership figure recorded in the IPQ 6.0 survey. The full Axis Max Life IPQ 6.0 survey report is now available for those seeking insight into behavior of Indians seeking to purchase protection products.