\t\t\tLife insurance can be understood as the insurance contract, in which the life risk of an individual is covered.General insurance refers to the insurance, which are not covered under life insurance and includes various types of insurance, i.e. fire, marine, motor, etc.It is a form of investment.It is a contract of indemnity.Long termShort termInsurable amount is paid, either on the occurrence of the event, or on maturity.Loss is reimbursed, or liability incurred will be repaid on the occurrence of uncertain event.Premium has to be paid over the years.Premium should be paid in lump sum.Must be present at the time of contract.Must be present, both at the time of contract and at the time of loss.It can be done for any value based on the premium the policy holder willing to pay.The amount payable under non-life insurance is confined to the actual loss suffered or liability uncured, irrespective of the policy amount.Life insurance place has a component in savings.General insurance has no such savings componen\t

life insurance policy is generally long-term, whereas that of general insurance is short term. Claim of Insurance Amount: In case of life insurance, the assured sum is paid either on the death of the insured person or maturity of the policy.