Life insurance is not one-size-fits-all. Whether you are focused purely on protecting your loved ones or want to grow wealth while staying insured, the choice between term insurance and ULIPs (Unit Linked Insurance Plans) can shape your financial journey.
This guide simplifies everything you need to know — from coverage to cost, tax benefits, and long-term gains — so you can confidently choose the right plan for your needs.
Understand the core difference between term insurance and ULIPs
At first glance, both term plans and ULIPs seem similar — they offer life cover. But the difference lies in what else they offer beyond protection.
Term insurance is a pure life cover plan — it is designed to protect your family financially if something happens to you.
ULIPs go a step further — they combine insurance with investment in equity, debt, or balanced funds to grow your money over time.