Paragraph match score 90.1%
Page A-560
Glossary
Unit Linked Insurance Plan (ULIP): A type of linked insurance plan that combines life insurance coverage with investment in units of funds.
Page A-623
What are the Types of Variable Life Insurance Plans?
Unit-Linked Insurance Plan (ULIP): A Unit-Linked Insurance Plan is one of the most popular forms of variable life insurance. It allows you to invest in market-linked funds while maintaining life cover. The premium is split into investment and protection parts. ULIPs also offer fund-switching options, tax benefits, and partial withdrawal features after a lock-in period. They are ideal for long-term goals, such as children’s education, retirement, or wealth creation, as they combine flexibility with structured savings.