Question
The first unit-linked insurance plan (ULIP) was launched
by which of these countries?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.
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