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Difference Between Life Insurance And Health Insurance

A corporate health insurance plan is a type of health insurance that an organisation provides to its employees. A personal health insurance plan, on the other hand, provides coverage for healthcare expenses for a single individual alone. 

Corporate health insurance provides coverage for medical expenses in connection with an illness or an accident. Some corporate health insurance plans allow you to extend the coverage to your family by paying an additional premium out of your own pocket. 

Unlike corporate health insurance, you cannot extend the coverage to your family in personal health insurance. However, a personal health insurance plan offers more comprehensive coverage compared to a corporate insurance plan. 

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There are different types of insurance plans available in the market, and it is easy to confuse one with another. We have two broad categories–life insurance and general insurance–under which we have different variants. For example, term insurance in the former and health insurance in the latter.

Comparative Analysis of Life Insurance and Health Insurance

Check out the below table to understand the difference between life insurance and health insurance:

Life Insurance Plans

Health Insurance Plans

Life insurance provides financial security to your loved ones in case of your death. The policy pays a lump-sum benefit to your family, which ensures there is no financial instability in your absence.

Health insurance specifically caters to your and your family’s medical needs. The policy covers medical and treatment expenses, daycare procedures, routine checkups, and more.

Life insurance provides death or maturity benefits to you and your family members.

Health insurance covers the medical care expenses incurred due to hospitalisation or any medical treatment.

Life insurance premiums are usually affordable and depend on factors like your age, income, lifestyle, etc. Each life insurance product has a calculator tool ( e.g. term insurance calculator) that helps determine the cost as per your desired plan.

Health insurance premiums are usually fixed and depend on several factors such as your age, health conditions, lifestyle, etc. You can use a health insurance calculator to determine the policy cost based on the coverage you need.

Many life insurance plans come with an investment or savings component such as endowment insurance, unit-linked insurance plans, etc.

There is no investment or savings component in health insurance.

Life insurance is a long-term plan with a fixed policy tenor.

Health insurance is a short-term policy. You need to renew it every year to continue getting its benefits.

Life insurance is mainly used to provide a financial safety net to the family of the policyholder (especially if they were the sole earner in the family). 

Health insurance is used to get financial coverage against medical emergencies.

When to Choose Health Insurance Over Life Insurance

Here are some situations when you can choose health insurance over life insurance:


  • You should choose an individual health insurance plan for yourself if you do not have any dependents or family members that depend on you for their financial needs. Health insurance is also ideal for earning bachelors.

  • If you are married, you can opt for a family floater health insurance plan to secure your spouse, children, dependent parents, etc.

  • Moreover, if your family members are financially independent and have a sufficient amount of savings to take care of their future expenses, you can consider getting only a health insurance plan.

When to Choose Life Insurance Over Health Insurance

Here are a few situations where you can pick life insurance over health insurance:


  • A life insurance plan is a must if you are the sole earning member of your family.

  • When you have your spouse and your kids depending on you for their future financially--it is of utmost importance that you get a life insurance policy.

  • If you want to make sure that your children have the necessary funds to finance their education even after your death, then a life insurance plan is the way to go. 

In Conclusion

Emergencies don’t knock on the door before walking into our lives. It is always better to be financially prepared than to face any financial instability later in the future. So, choosing the right mediclaim policy is essential. Browse through different health insurance plans at Bajaj Markets. You can benefit from features like swift claim settlement, reinstatement benefits, bespoke insurance plans, extensive coverage, and so much more. So, why wait? Get yourself and your family protected now!

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FAQs on Life Insurance vs Health Insurance

  • ✔️Is it worth buying a life insurance policy?

    If you ask us, the answer is yes. A life insurance plan is worth investing in, especially if you want to provide financial support to your loved ones after your demise. Most life insurance products are affordable and provide extensive coverage at a nominal rate.

  • ✔️Is it worth buying a health insurance policy?

    It is always best to have a health insurance plan to cover medical expenses (sudden and planned) instead of digging into your savings. Medical treatments and hospitalisation costs are soaring by the day. You cannot rely on your savings to cover sudden medical expenses. And even if you can, you will lose out on your savings. Therefore, buying a health insurance policy is worth it.

  • ✔️Is life insurance a part of a health insurance plan?

    No. Life insurance and health insurance are two different insurance policies fulfilling two entirely different purposes in your life. You can read about them in detail in this article.

  • ✔️What are the different types of health insurance plans?

     There are three types of health insurance plans in India:

    • Individual health insurance

    • Family health insurance

    • Group health insurance

  • ✔️What are the different types of life insurance plans?

    Life insurance is broadly classified into two sections:

    • Whole life insurance

    • Universal life insurance

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