Insurance can range from life to medical to general (residential,commercial property, natural incidents, burglary, etc).
It insures the life of the person buying the Life Insurance Certificate. Once a Life Insurance is sold by a company then the company remains legally entitled to make payment to the beneficiary after the death of the policy holder
This is also known as mediclaim. Here, the policy holder is entitled to receive the amount spent for his health purposes from the insurance company
This insurance type involves insuring the risks associated with the general life such as automobiles, business related, natural incidents, commercial and residential properties, etc.