Sept 2010, regulations in ULIP has changes the insurance industry dynamics in India. The ULIP has become more customer centric and fairly priced. IRDA came up heavily on lethal deductions made by life insurers all these years.
The best ULIP I think is IndiaFirst Smart Save Plan, low charges, decent fund performance, flexibility options and Net IRR more than 7.5% at 10% illustration over 15 years.
The plan is indeed the simplest ULIP plan that you can find, no hidden lines, - straight and simple.
I have purchased a plan from IndiaFirst Life Insurance in Jan 2012 for IT benefits, today the fund has grown by around 18%, less than a year.
The company is run on very strong fundamentals of Bank of Baroda and Andhra Bank, .few products I came across on https://policyonline.in seems to be quite reasonable and worth investing.