After seeing the comments I have done some maths myself as I was in the verge of taking this policy which looks very attractive when I First heard.
This is my calculation.
1.Go for a One crore iTerm policy with Aegon Religare for Rs.15877 with all riders like accidental death benefit, Critical care and Terminal Illness.
2.For Rs. 10 lakh Sum assured MahaLife charges a premium of Rs. 88500 for a 35 year old.
So Rs.72623 remains which you can invest in a PPF account for 15 years which is same as the premium paying period under Mahalife.
3.Assume 3.5%(Rs. 35000) as non-guaranteed bonus from 6th anniversary and 5% guaranteed money back(Rs. 50000).I subtracted this amount from respective years of PPF contribution.
4.If you choose to invest this Rs.72653/- in a good mutual fund which you find by paying Rs.2000/- per year from personalFN.com then assuming a 12% compounded growth your corpus at the age of 80(45 years from now) would be a staggering Rs. 2, 83, 68, 201.61/-
So please choose products wisely