What is the primary purpose of life insurance?

To cover medical expenses To provide a lump sum payment to beneficiaries upon the insured's death To supplement retirement income To protect against disability

Which of the following is a key difference between life insurance and health insurance?

Life insurance provides coverage for medical expenses, while health insurance does not. Life insurance offers tax benefits, while health insurance does not. Life insurance pays a sum assured upon the insured's death, while health insurance covers medical treatment costs. Life insurance is only available to individuals, while health insurance can be purchased by families and groups.

What type of insurance is typically purchased by an employer as part of a retirement plan?

Health insurance Life insurance Disability insurance Liability insurance

Which of the following is NOT a common type of health insurance plan?

Comprehensive health insurance Critical illness coverage Term life insurance Family health insurance

Under which section of the Income Tax Act can individuals claim tax benefits for life insurance premiums?

Section 80D Section 80C Section 10(10D) Both Section 80C and Section 10(10D)

What is the main objective of health insurance?

To provide financial support to beneficiaries after the insured's death To cover the costs of hospitalization and medical treatment To supplement retirement savings To protect against property damage