Is it advisable to invest in Unit Linked Pension Plans (India)?

There are various schemes from Insurance companies called ULIPs and Pension Plans. There is a general notion that the initial ‘allocation charges’ are fantastic: even upt to 100% of first annual premium. Hence my question is: is it still possible to make money after paying hefty charges to the companies? Is it possible to get income greater than bank FD interest rates? I would prefer answers from people who actually lost or gained.

Why insurance companies charge fund management fees from ULIP holders?

In the recent economic crisis, a huge number of Unit Linked Insurance policy holders suffered heavy losses. Insurance companies deduct 2.25% on a regular basis as fund management charges. Had "fund managers" switch the money from equity to debt fund on time, ULIP holders would not have suffered such heavy losses. Is there any justification in insurance companies charging fund management fee when they cannot do the job properly?