Multiply India - Information on Financial Planning

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What are the different types of Insurance?

Life Insurance	General Insurance	Health Insurance
Term Life Insurance	Home Insurance	Individual Health Insurance
Whole Life Insurance	Vehicle Insurance	Family Health Insurance
Endowment Plans	Travel Insurance	Critical Illness Insurance
Unit Linked Insurance Plans	Fire Insurance	Senior Citizen Health Insurance
Child Plans		Personal Accident Insurance
Pension Plans		Mediclaim, etc
Group Insurance Plans

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Difference between Insurance and Investment:

Insurance	Investment
Goal is financial protection from unexpected events.	Goal is to see money grow and make a profit.
If the unexpected event does not happen, you may (like Endowment Insurance plan) or may not (like Term Life Insurance) get any financial benefit from the insurance.	You will mostly make a profit from your investment.
Insurance gives you peace of mind because you’re planning for unexpected burdens.	Investments are opportunities to increase your money.
Insurance is a liquid asset (in cash form). This means Insurance can be used for immediate financial help during an emergency.	Investments are mostly not liquid assets. You may not be able to use them immediately in case of an emergency.

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