ULIP is not as good an investment vehicle as a combination of pure term insurance + mutual fund investment. If you are still not convinced - then put 50% in ULIP and 50% in term + mutual fund and check it out yourself. It will take time to realise this - remember time is money. Mutual fund is more transparent and gives you much more liquidity than a ULIP. Just think it over - Why does an Insurance company give 25- 40% commission on the first year's premium to the agent? Pure term insurance is the cheapest and best. INSURANCE IS NOT INVESTMENT.
Investment in ULIP schemes can not be a prudent move considering the returns given by even the most conservative equity schemes. ULIP has some Unique Selling Points (USPs) to attract the retail investors. Insurance & investment bundled in one investment product as in ULIP is having a cart with two bullocks both are moving in a different direction.
Some conclusions are here for u.

1. ULIP is a long term contract between the person & the Ins. co. so remain there.
2. Charges are front loaded, hence one need time to recover money lost in initial charges thru market return.
3. there are 2 types of ULIPs in the market - TYPE-1, u get either Sum assured or Fund value whichever is higher at the time of claim. Type-2, u get both sum assured & fund value at the time of claim.
4. Almost all Ulips are started during last 3-4 years (with current bull run) so performance of these during bear phase is remain to be seen.
5. ULIPs are not as transparent as MFs.
6. Exit costs are very high if u want to.

If your reason of investment in ULIPs are same what I understand then invest only after considering all the Pros & Cons of it.

One more important point -
Due to differance of front & recurring charges Term+ ELSS combo is more beneficial during initial 10 to 15 years & after that ULIPs are ahead (if we assume the same returns from elss & ULIPs)

I hope u can better judge urself now, what is the best in ur interest?