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Insurance + investment dono ek sath. Per dono ek sath i.e ulip is not recommended by the experts. Pick up your moral goal first then decide if you want insurance or return? ULIP is risky as per view of insurance because in insurance we seek for some insured income for our dependents . Now for the same reason i.e. as ULIP focuses on insurance as well as return, return could be less and its obviously less as compared to MF's.
So it depends on markets how they perform. I would suggest don't panic. Please put you money individually in a mutual fund and insurance as per you ability and requirements.