Void and Reincarnation

Within the universe of Death Parade, deceased humans play a game set up by the Arbiters in order to be judged. The Arbiter can send the deceased's soul to either the Void, or to be Reincarnated.

Reincarnation involves the person's memories and past identity being erased, but the soul itself is sent to live inside another being.

The second option is the soul being sent to the Void, a place of eternal nothingness.

Differences
While one might make parallels between the reincarnation/void and heaven/hell, it is mentioned that they are not the same. Arbiters often explain it this way so humans can understand quicker. Void shouldn't be treated as a bad thing - it is simply a place for souls that don't benefit from reincarnation.