Is Health Insurance the same as Life Insurance?

No, life insurance and health insurance are two very different products. Health insurance covers the policyholder against medical expenses that arise due to illness, injury, or medical procedures. Health insurance offers coverage only for a certain period of time, after which it needs to be renewed or else it will expire.

Life insurance on the other hand offers protection against unfortunate events such as total permanent disability & death. In case of such an event, a life insurance policy will provide the insured and/or the dependent with a lump sum payout. In case no such event occurs during the policy period, the plan may offer a payout on the maturity date.