Human life is fragile, and even though we don’t want to talk about the eventuality of death, the possibility is constantly looming on the horizon. It is true that you cannot put a monetary value on life - there is far more to life than that, the people you connect with, the family you build, the impact you create through your work. However, it is for the sake of those people and your legacy that it becomes important to get a life insurance policy and curtail the blow of death as much as possible.

Life insurance acts as a financial cover for contingencies linked with life, including but not limited to, death, disability, accident, retirement. A loss of life or disablement can leave emotional scars, but it can also aggravate financial hardship due to the loss of income. Life insurance helps you provide for such circumstances.

But when you decide to buy an insurance product, there are decisions to be made, one of which is deciding between the insurance products available in the market, particularly between a ULIP plan and a term plan .

Here’s a quick rundown on how Unit Linked Insurance Plans (ULIP) serves different needs than a traditional term insurance plan. These parameters are primarily governed by your objectives, and since these plans serve different needs, you can make an informed choice.

Both these insurance products exist to serve widely different needs; if you are thinking of risks and returns, then term insurance plans are a different kettle of fish. ULIPs are a combination of insurance and investment and the parameters to judge them are far removed from the traditional term policies like the Generali Central Term plans .

Choose according to your objective!