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Equity Vs Debt and fund switching

Hi,

I have 2 basic questions of which I dont have much knowledge about. (Illiterate in Financial terms one might say).

1. What is difference between Equity fund and Debt fund in ULIPs?

2. If Insurance company gives me list of funds, what to look for in it to decide whether its equity or debt fund?

Thoug it may sound very basic question, please help me by answering them.

Yogi

 

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