Checked Vs Unchecked Exception

Checked Exception  in Java is all those Exception which requires being catches and handled during compile time. If Compiler doesn't see try or catch block handling a Checked Exception, it throws Compilation error. All the Exception which are direct sub Class of Exception but not inherit RuntimeException are Checked Exception.
IOException
SQLException
DataAccessException
ClassNotFoundException
InvocationTargetException

Unchecked Exception  in Java is those Exceptions whose handling is not verified during Compile time. Unchecked Exceptions mostly arise due to programming errors like accessing method of a null object, accessing element outside an array bonding or invoking method with illegal arguments. In Java, Unchecked Exception is direct sub Class of RuntimeException. What is major benefit of Unchecked Exception is that it doesn't reduce code readability and keeps the client code clean.
NullPointerException
ArrayIndexOutOfBound
IllegalArgumentException
IllegalStateException

Difference :- Checked Exception is required to be handled by compile time while Unchecked Exception doesn't.
Checked Exception is direct sub-Class of Exception while Unchecked Exception are of RuntimeException.
CheckedException represent scenario with higher failure rate while UnCheckedException are mostly programming mistakes.