ULIP was introduced in India in the year 1960. ULIP stands for Unit Linked Insurance Plans. ULIPs are the basically insurance cum investment plan. A part of your investment will be deducted as a mortality charges and rest of the money will be invested in suitable listed companies as per investment portfolio. You have the option to choose between four different types of funds.
1) Growth
2) Balanced
3) Bond
4) Secured.

ULIP investment is denoted as units and is represented by the value that it has attained called Net Asset Value (NAV). The policy value at any time varies according to the value of the underlying assets at the time.

ULIP investments are covered under Section 80C of Income Tax Act India.


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