ULIP plans are a just another variant of Endowment plans. In this product, sum assured is paid out either in case of death OR return is assured over maturity of policy term. In ULIP plan, Portion of Premium is usually invested in Stock Market or debt market. However, Insured may allocation of fund similar to mutual fund. Only difference between mutual fund & ULIP plans are that ULIP is combination of both insurance & investment whereas mutual fund is purely an investment tool.

1. This is also another type of endowment life insurance wherein customer pays periodic premium over specified term and starts receiving return over periodic intervals until survival or sum assured at event of death.
2. Unlike ULIP plans, it has low risk exposure and gives assured return on investment.
3. Children education plan or Retirement pension plans are usually example of money back policies.

These are riders may be opted in any category of life insurance such as term life, whole life, ULIP, money back or any other endowment plans. There are variety of Coverage/Riders offered under life insurance by insurance companies such as

1. Critical Illness Rider: Additional Financial compensation on being diagnosed by Critical Illness
2. Disability Rider: Additional financial compensation on being disabled as stated in policy
3. Accidental Death Benefit rider: Additional financial compensation on event of death due to accident
4. Term Rider: Offers monthly income to nominee on death of life assured
5. Waiver of Premium rider: Policy holder does not required to pay future premium in the event of accident or mishap as defined in rider terms & condition
6. Hospital Daily allowance rider: Additional financial help for every day hospitalization