Recent advances in multimodal large language models (MLLMs) have expanded research in video understanding, primarily focusing on high-level tasks such as video captioning and question-answering. Meanwhile, a smaller body of work addresses dense, pixel-precise segmentation tasks, which typically involve category-guided or referral-based object segmentation. Although both research directions are essential for developing models with human-level video comprehension, they have largely evolved separately, with distinct benchmarks and architectures. This paper aims to unify these efforts by introducing ViCaS, a new dataset containing thousands of challenging videos, each annotated with detailed, human-written captions and temporally consistent, pixel-accurate masks for multiple objects with phrase grounding. Our benchmark evaluates models on both holistic/high-level understanding and language-guided, pixel-precise segmentation. We also present carefully validated evaluation measures and propose an effective model architecture that can tackle our benchmark. All annotations, as well as the code and model weights will be made public.