The first unit-linked insurance plan (ULIP) was launched

Solution

India was the first one to launch it in the year 1971 by Unit Trust of India.  ULIPs are a type of ‘Protection + Savings’ plans. It is a combination of insurance (life insurance) and investment. Here wealth creation is the goal along with  life cover  where the insurance company puts a portion of investment towards life insurance and rest into a fund of the insured’s/policyholders’ choice (that is based on equity or debt or both just like in a mutual fund) and matches with individual long-term goals.