What is ulips in insurance?

In terms of functioning, ULIPs are very similar to Mutual funds. A ULIP can be considered as a type of mutual fund that provides you insurance benefits and that too, to the extent you want. The money you invest would be converted into units just like in MFs and invested in the stock marketand also you would be charged an amount out of your premium to provide you the insurance coverage you want. For a layman we can assume that

ULIP = Mutual fund + Insurance