Three years back when I want to rush up and save for 30K. I went to an adviser and asked him for a Infrastructure bonds for 3 year locking. He suggested me for ICICI Pru life and asked me to pay 30K for three years and then withdraw. I did the same thing. I just submitted, due to delivery. I got 30K profit from it, instead of 20% taken first year. And I was treated well every moment I visited for switches between fund category and payment and so on.
The point here to rethink to apply is the first year admin charges are very high compared with other peers. One more thing observed is, the units are taken for the maintenance of the fund monthly. These things are keeping me away from insurance based Unit linked policies.
I have even looked at Bajaj plans(the one now a days spoken most), the admin charges are less(5%). But there are many charges I can see in the broacher looks me like tis will also end up at 10-12% for EVERY YEAR. So if we look at over all charges(for minimum of 3 years) this will be equal to ICICI charges.
At end the suggestion is to divide Insurance and Investment. If you are looking at insurance ULINK policies are not so safe in the case where your family needs that money(in our absence). This is true for all ULINK insurance policies.
If you want to invest, the mutual funds are the best(there are beautiful Tax saving plans with only 2.25% entry load). Rethink when next time you are planning to INVEST in insurances.