Whether Mr. Anand gets guaranteed returns as assured by Insurance Agent in Unit Linked Insurance Policy ?

Unit Linked Insurance Policies (ULIPs) generally do not offer guaranteed returns because their performance is tied to the market value of the underlying investment funds (equity, debt, or hybrid). Returns fluctuate based on market conditions, and therefore, guarantees are not typically associated with ULIPs. He gets the fund value or fund accumulated in his account. It is not guaranteed. The fund value is subject to the market conditions like Mutual funds. Upon his death there are two typical benefit options are available to the Policyholder family: (i) Sum Assured + Fund value (Marked-To-Market Value of the Units) and (ii) Higher of Sum Assured or Fund Value. Some ULIPs might offer capital protection or minimum guaranteed benefits, but these features would be explicitly mentioned in the policy document. If an insurance agent assured Mr. Anand of a 20% return on a ULIP, this could be misleading unless the specific policy documentation explicitly guarantees such a return. Mr. Anand was misled by the agent, he can file a complaint with the insurance company. He can escalate the issue to the Insurance Regulatory and Development Authority of India (IRDAI) if the company does not resolve the complaint satisfactorily.