Moneyback Policy
In money back policies, the policy holder gets periodic "survivance payments" during the term of the policy and a lumpsum amount on surviving its term. In the event of death during the term of the policy, the beneficiary gets the full sum assured, without any deductions for the amounts paid till date, and no further premiums are required to be paid.

Unit Linked Insurance Policy (ULIP)
A ULIP is a life insurance policy which provides a combination of risk cover and investment. The investment risk in ULIP is generally borne by the investor.