To provide additional benefits to investors, UTI MF has enhanced the features of UTI-ULIP. The target amount is increased from Rs 5 lakh to Rs 15 lakh with the flexibility to invest higher than the maximum target amount, the release said.     

There is also a higher insurance cover up to Rs 15 lakh. A fixed term cover has been introduced under the scheme and choice given to investors for fixed or declining term cover.     

Membership would continue even in the event of non- receipt of instalment and premium would be paid to LIC by redeeming existing units, the release said.      

UTI AMC's Chief Marketing Officer Jaideep Bhattacharya said, "UTI ULIP helps investors to create wealth at low-cost while safeguarding their families from any unforeseen event."       

"UTI ULIP is positioned as a balanced fund with not less than 60 per cent of the funds invested in debt instruments with low-to-medium risk profile and not more than 40 per cent of the funds in equities," Bhattacharya said.