Insurance business in India is bifurcated under Section 2 of the Insurance Act, 1938 into Life Insurance (long-term contingent contracts covering human life: Term, Whole Life, Endowment, Money-Back, ULIP, and Annuity) and General / Non-Life Insurance (annual contracts of indemnity covering property and liability: Fire, Marine Hull/Cargo/Freight, Health, Motor Third-Party, Engineering, and Fidelity Guarantee).