With fund value. It is connected to an investment fund, so it grows. This is the most popular form of insurance.
Historically, the return of VULs are only 2-4%. Do not believe in a 10% interest rate. That is highly optimistic.
References
https://www.youtube.com/watch?v=QLRj7KwP-bo&list=PLX5F5fa6EHdq0fCY9ehomzPNaUoYekLkP&index=7