Agree with you. Look at any ULIP's charges. You will find 1) Mortality charges which is equivalent to term insurance premium. 2) Fund management charges which is equivalent to fund management charges of a mutual fund 3) On top of it in ULIP , you will be paying a huge sum which directly goes to agents and insurance company. ( Have a look at ICICI - it is 20% for first year . 7.5% for the second. and 4% for third year onwards. This is a complete loss for a customer.
Also any plans under the name of children plan / baap ka naam roshan karega plan etc. is basically endowment or money back or UPIP. Don't fall in agents trap. You should only buy Term insurance from Insurance company.
