India, Jan. 23 -- Financial planning is a lot like building a house. You wouldn't start with the conservatory or the attic conversion; you would start with the concrete slab. If the foundation is shaky, it doesn't matter how expensive the furniture is-the whole structure is at risk if a storm hits.

In the world of personal finance, this order of operations is frequently ignored. People often chase returns before they have secured their safety, confusing products meant to protect them with products meant to enrich them. To build a portfolio that can actually weather a crisis, you need to understand the distinct roles of Term Insurance and how they differ from ULIP Plans. One is your safety net; the other is your ladder to wealth.

Term in...