Does all the LIC policies cover tax?

I want to know does all the LIC policies (like AVIVA) cover tax exemption benefits? And also the same question for medical claims from some insurance company.
One more thing like apart from House rent bills, LIC policy coverage, and medical claim insurances what are the other things one can submit for the tax exemption benefit?

Lic Jeevan mitra tripal cover plan ?

I have just started LIC Jeevan Mitra Tripal cover Plan for 7 laces sum assured for 30 years and have paid 28501 in April 2011.
This is yearly premium for 30 years.

Now I am confused that

1.)

should I discontinue or surrender this policy and go for term plan as I can get 30 laces cover within 9500
and rest of money 19000 I can invest in PPF to get good retune after 30 year ???.

Am I correct in my thoughts and should do as mentioned above ????.

2.)

If I continue this policy, will I get somewhat equal return of what if I invest 19000 in PPF after 30 years???.

Please help me to get relevant answers.
Age :28

Jeevan Mitra Triple Cover OR PPF+term paln?

i have just started investing in Jeevan Mitra Triple Cover for 7 lacs SA for 30 years and paying 28531 per year.

if i drop this policy and invest in PPF (19.5k) + term plan for 30 lacs by paying 9k per year

will i get better return in it or in above one? .

what would be aprrox return in both case?.

What advantage does LIC’s Market Plus “without life cover” have over a mutual fund?

I took LIC’s Market Plus without life cover last year. Since this policy is without life cover, isn’t it like a mutual fund?

If it is like a mutual fund, why do they have so high premium allocation charge of 16.5%?

Since, I am just 23 years old, I don’t want to continue it for 20 years. So, if I surrender it after 3 years, I will be at loss, right?

What is the best way to get out this policy with as little loss as possible?