Endowment Plus ULIP from LIC.. why to take it?

three benifit a ulip plan offers:
1 risk cover(lower risk cover)
2 tax saving( )
3 return on investment (between 6 to 12 percent)

What about this….
1 Risk cover: if i buy term insurance from lic (higher risk cover)
2 Tax saving: if i invest in PPF(tax saving and return also)
3 ROI : if i would invest in equity directly or in MF(huge return with risk)

Now can anyone tell me what is the better option to invest money? and why??

or tell me in detail about pros and cons of both the options..
THANKS
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