Insurance Mis selling survey

I have been receiving calls from HDFC to opt for ULIP plans. I didn't know much about it. Now I knew after much discussion with their fund manager and research on internet. What worries is the charges. The plan HDFC recommended had 12% premium allocation charge for 1st year itself and other charges after that. Still want an option if it is worth an investment and if any other bank or service that offer better ULIP plan.

How to get out of a useless scam of a ULIP/endownment life policy whic gives a cagr of less than 5% over a 20 year term ? What will be the loss in terms cancellation of such a policy ?

Whats your strategy when it comes to Insurance? - ULIP with life cover (the ulip returns outdo the insurance by the time the policy ends usually) Vs Term life - Health ( Family floater Vs Individual cover ) assuming no pre existing conditions Sad that most if our gen lacks good insurance knowledge and penetration (this for me is a key aspect of financial Literacy!!)

Context - I’ve been in the industry for a decade now. Industry pay and other metrics are actually not that bad. Just never felt that it gets the same attention as banking/ consulting/ investing, etc. I feel there is a genuine lack of quality in the talent in the industry.

I have 20+ lakhs in bank account. My bank contact agent is telling me to invest these in a less risk mutual fund rather than in fds . What are your views on it? Is it the right path to go as that would help me save tax.

I'm being pitched LIC Nivesh Plus(849) ULIP. Average return generated by the funds in this scheme is 15%. I'm okay with the 5 year lock in period. Seems like a decent deal to me. Why do people advice against ULIPs? What are some things that I'm overlooking or the agent isn't telling me?

My thesis has been that finance has been made complex deliberately and it isn't rocket science. Would love to hear some madeup complexities.