There is no LTCG tax applicable on any ULIP gains. \r\rULIPs and ELSS are easily confused as interchangeable concepts but are completely different from each other. Unit-linked plans offer life cover, which is not the case with mutual funds. This is the biggest differentiator that helps investors choose ULIPs as the go-to investment instrument today. Take a look at everything you need to know about ULIP's to understand this investment and insurance instrument comprehensively.