BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Universal Life & Investment Plan
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Unit Loan & Insurance Plan
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Universal Loan & Investment Plan
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Unit Linked Insurance Plan
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Detailed explanation-1: -ULIP full form is Unit Linked Insurance Plan, which is a multi-faceted life insurance product. A ULIP plan is a combination of life insurance and investment.
Detailed explanation-2: -The full form of ULIP is Unit Linked Insurance Plan. A ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term goals, and a life cover‘ to financially protect your family in case of an unfortunate event.
Detailed explanation-3: -Universal Loan and Investment Plan.
Detailed explanation-4: -Unit-Linked Life Insurance (ULIPs) vs. Term Insurance. Term insurance is a pure protection life insurance providing only a death cover. Whereas ULIP is an investment insurance plan providing death cover and investment options.
Detailed explanation-5: -ULIP is the Unit Linked Insurance Plan, an investment plus insurance tool where the life assured also gets the life cover as part of their investment plan. One of the unique advantages of ULIP is tax-saving benefits, which can be opted for throughout the policy term and at the time of maturity.