ULIP (Unit Linked Insurance Plan) is a life insurance plan that offers both investment and protection. A part of the premium is used for life cover, while the rest is invested in market funds. It helps in wealth creation over the long term. You can choose different fund options like equity, debt, or balanced funds. ULIPs offer flexibility to switch between funds based on market conditions. In case of death, the nominee receives the benefit. If you survive the policy term, you get the fund value at maturity. It also encourages disciplined investment. Overall, it is suitable for those who want insurance with market-linked returns.