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Glossary
Unit Linked Insurance Plan (ULIP): A type of linked insurance plan that combines life insurance coverage with investment in units of funds.
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Types of Life Insurance Classified as Non-Traditional
Unit Linked Insurance Plans (ULIPs)- ULIPs are one of the most popular types of non-traditional life insurance in India. These plans split the premium into two parts: one for life insurance and the other for investing in stocks, bonds, or balanced funds. Policyholders can choose funds based on their risk tolerance and financial goals. Over time, they can switch between funds, allowing them to respond to market conditions or life-stage changes. ULIPs are typically designed for long-term investments, when markets are less volatile, and growth potential is higher.