| Basis of difference | Life insurance | General insurance |
| 1. Subject matter 2. Duration 3. Indemnity 4. Measurement of loss 5. Surrender Value. | Life of a person is the subject matter. The policy is for a period of more than one year. Not based on the principle of indemnity. The loss is not measurable. The policy has a surrender value. | A property or a thing is the subject matter. The policy is only for one year. Based on the principle of indemnity. The loss is measurable. The policy has no surrender value. |