The correct answer is: D. None of the three
According to the Insurance Regulatory and Development Authority of India (IRDA), universal life products are a type of life insurance policy that combines features of both traditional whole life insurance and term life insurance. They offer a death benefit, as well as a cash value that can be accessed during the policyholder’s lifetime.
ULIPs are not the same as variable insurance products. Variable insurance products are a type of life insurance policy that invests the policyholder’s premiums in a variety of underlying assets, such as stocks, bonds, and mutual funds. The value of the policy will fluctuate based on the performance of the underlying assets.
Therefore, the answer to the question is “None of the three.”