Please help me choose the best Mutual Fund Investment through SIP?

I am planning to invest my money, say 1000 Rs every month. People in yahoo answers suggested that i consider Mutual Fund investment through SIP. But I don’t know anything about mutual funds and how to choose them. I am planning to invest for at least a period of 5 years, as a monthly installment of 1000 Rs. Please guide me to choose a mutual fund which is low risk but will provide good returns. Thanks a lot for all the help.

If i choose to withdraw ULIP policy after lockin period how many days will i get the money?

I Have a Kotak life smart advantage plan ( ULIP). it will complete 3 yrs in sept 2011. I am yet to pay the August installlment. the policy is under lapse mode. If i choose to renew it by paying the last due and then with draw immidealty after that . will i get the fund value. As i dont wish to continue this plan and need cash . Aslo let me knw how can i figure out my fund value.