Life Insurance is a contract between the insurance company and the person who is insured. The contract states that the company has to pay a lump sum amount to the nominee, which is selected by the insured person when any kind of mishap takes place with the insured.
General Insurance or Non-life Insurance helps you to safeguard yourself and the things around, which you value a lot. These may include your home, car and other valuables like money lending, professional casualties other than death, etc. These valuables carry a lot of financial risks.
Mutual Funds in terms of financial context, means any money that is spent today in the hope of financial benefits that may be reaped in a future time frame. Any investment is the act of buying or creating assets with an expectation that the same would yield interest earnings or dividend