Ulip is a new product and is much more transparent and flexible than the other available options. The offspring of a mutual fund scheme and a term plan get is a Ulip. But this mutant still has time left before it becomes the smart edged investment plus insurance product that it wants to be. There are problems of product structure, disclosure and bunching of costs.
Term vs other products is not an apple to apple comparison. You get Rs 70 lakh only in the event of death in a term policy. If you outlive the term you get nothing.
In the others, you will get back money even if you outlive. So, clearly these are insurance cum investment products.
We recommend: Why take a combined product with high cost structure. Instead take a term policy. Rs 23,000 is all that you pay and you've got Rs 2 lakh left. If you put that in a diversified mutual fund, you will get much higher returns and much more flexibility to take your money out when you need it.