Certain forms of permanent life insurance (like Whole Life or Universal Life) have a cash value component that can grow over time. A portion of the premium is invested, allowing the policyholder to potentially take loans against the cash value or withdraw funds.
Investment-Linked Policies (ILPs) / Variable Life are more explicit hybrid products where premiums are used to buy both insurance coverage and units in investment funds, exposing the policyholder to market risk in exchange for potential growth.