Types of insurance and the difference between insurance and Investment

The video provides an overview of insurance, covering loss protection, life and non-life insurance, and the differences between insurance and investment. It explains how insurance acts as a financial safeguard against unexpected events, with coverage limits determining the extent of protection. Various types of life insurance plans are discussed, including term, endowment, money back, unit linked, and whole life plans. The video also distinguishes between health insurance and Mediclaim, highlighting their coverage differences. Finally, it contrasts insurance with investment, emphasizing their distinct purposes: risk management versus wealth growth.

What is loss protection in insurance and how does it function?

What is the significance of the coverage limit in an insurance policy?

What factors determine the premium paid under an insurance policy?

Explain the difference between life insurance and non-life insurance.

Describe the different types of life insurance plans mentioned in the text.

How does health insurance differ from Mediclaim?

What are the key differences between insurance and investment?