Unit plans are investment plans for those who realise the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don't have consistent income.
Unit Linked Insurance Plans (ULIPs) offered by LIC (Life Insurance Corporation) combine insurance coverage with investment opportunities. With ULIPs, policyholders can invest in various funds based on their risk appetite, including equity, debt, or balanced funds. Premiums paid are allocated between insurance cover and investment, providing flexibility to switch between funds as needed. ULIPs offer benefits such as tax savings under Section 80C, potential for high returns depending on market performance, and a life cover. They are ideal for individuals seeking a blend of investment growth and insurance protection.