As per IRDA norms, which of the following non-traditional saving life insurance products are permitted in India?
I. Unit Linked Insurance Plan
II. Variable Insurance Plan

Solution(By Examveda Team)

As per IRDA norms, both products are permitted in India.
A Unit Linked Insurance Plan (ULIP) is a product offered by insurance companies that, unlike a pure insurance policy, gives investors both insurance and investment under a single integrated plan.
Variable life insurance is a permanent life insurance policy with an investment component. The policy has a cash value account, which is invested in a number of sub-accounts available in the policy. A sub-account acts similar to a mutual fund, except it's only available within a variable life insurance policy.