If long-term financial planning and creation of wealth is your goal then ULIP’s are the best investment option for you. In simple words, if you are looking to buy a house or build a corpus to fund your child’s education as well as take care of your life post-retirement, then investing in ULIP plans is the way to go. Coming to the benefits, these plans come with a 5-year lock in period. However, the longer the period of investment, the more you earn. To add to this, ULIP policies are flexible and allow the policy holder to switch funds based on market performance and one’s risk appetite, unlike mutual funds. As for time, the earlier you start, the better it is for you!