| Parameter | Life Insurance | General Insurance |
| Risk | The element of risk is the death of a person | The element of risk is the damage/ loss to a property or an asset. |
| Tenure | Long Period | Comparatively shorter period not extending beyond the useful life of the asset. |
| Beneficiary | In the event of death of the Insured the Beneficiary would be the Legal Heirs of the Insured. | The beneficiary would generally be the Insured who would also be, in most cases, the owner of the asset |
| Payment of Premium | Periodical Payments which could be quarterly, half yearly or yearly | Generally Lump Sum Payment at the time of taking up the Policy. |
