A ULIP (Unit Linked Insurance Plan) is a financial product that combines both insurance and investment components.
Insurance Coverage: Like any other life insurance policy, ULIPs provide life cover to the policyholder. In case of the policyholder's unfortunate death during the policy term, the nominee receives the death benefit.
Investment Component: A portion of the premium you pay for a ULIP is invested in various financial instruments such as stocks, bonds, or mutual funds, depending on the plan you choose. This allows you to benefit from potential market returns over time.
