ULIP is an abbreviation for Unit Linked Insurance Policy (ULIP) or Unit Linked Insurance Plans. ULIP Policy serve the basic purpose of achieving goal- target financial solutions that has the blend of protection with good wealth creation opportunities. In simple terms, they are the most creative forms of life insurance that offer good returns on your investment, flexibility and transparency based on your basic needs and requirements. Protection Savings Investments Flexibility Transparency Life cover that is adjustable Life cover against death Tax Planning Cover basic insurance policy with mutual fund Understand what is ULIP? Analyze how much risk you can afford to take. Collect data of all the different companies offering ULIP policy. Do in depth comparison of all the policies offered by different companies. Take help of an expert before taking any decision.