Difference between insurance and assurance (tabulate)

Basis

Insurance

Assurance

Definition

Insurance refers to taking protection against an unfortunate event that may happen or that is likely to happen.

Assurance refers to taking a protection against an event that is certain to happen.

Policy

In case of insurance policy, if the individual regularly pays the premium then in case of any mishap, the individual or his dependents will receive the insurance amount

In case of assurance policy the individual can withdraw the amount at any point of time.