Is there a Safe ULIP Investment with Life Insurance Cos. which protects downside of market in India?

The markets are scarily going down…
In such a scenario where do I invest in India [Tax saving ULIPs would be preferred] so that I dont lose on the falling markets, but enjoy the upside. My concern is I dont lose my hard earned money at the same time enjoy high equity returns? Best would be investment in an 80% equity fund.
Is there any such insurance plan available?