A Unit Linked Insurance Plan (ULIP) is a financial product combining life insurance with market-linked investments, designed for long-term financial planning. It offers dual benefits: life cover for family protection and investment in equity, debt, or balanced funds. ULIPs aim to provide structure, discipline, and flexibility for goals like education or retirement. Premiums and maturity benefits may offer tax advantages under specific sections of the Income Tax Act, though policyholders bear investment risk.