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

Answer: Option 3

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.