Paragraph match score 88.8%
Page A-593
Life Insurance
Unit Linked Insurance Plans: A combination of insurance and investment, ULIPs allocate a part of the premium towards life cover and the rest towards mutual fund investments.
Page A-447
Life Insurance:
Unit Linked Insurance Plan (ULIP) : ULIPs are investment cum insurance plans that come with a dual benefit of life cover plus return on investment. In case of the unfortunate demise of the policyholder, the nominee would receive the sum assured, or the policyholder would receive the fund value at the end of the policy term. ULIPs allow partial withdrawals, too. Amounts paid towards premiums are deductible from taxable income under section 80C, whereas all payouts are exempt from tax under section 10(10D).