ULIP Meaning for Women in 30s: Insurance Plus Investment? Double Benefits With ULIP, you can enjoy the dual benefits of both life insurance and market-linked investments under a single umbrella plan. You need to pay a unified premium that gets divided towards life insurance and market-linked investment instruments. Apart from that, with an early beginning, your loved ones could enjoy life insurance coverage from an early age. Regular Investment Once started, you must ensure regular ULIP investment consistently.