What is the kyc of banking and different between ulip and term plan

Question

Accepted Answer

KYC is a process of verifying customer's identity. ULIP is an investment plan with insurance while term plan is pure insurance.

KYC stands for Know Your Customer and is a process of verifying the identity of a customer.
It involves collecting personal information and documents to prevent fraud and money laundering.
ULIP is a type of investment plan that combines insurance and investment. It offers both life cover and investment opportunities.
Term plan is a type of life insurance that provides coverage for a specific period of time. It offers pure insurance coverage without any investment component.
The main difference between ULIP and term plan is that ULIP offers both insurance and investment while term plan only offers insurance coverage.

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