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?

LICs MARKET PLUS???

Ladies & Gentlemen, Can some one guide me on LIC’s MARKET PLUS policy? How it is? Is it worth to Invest?
Whether Endowment policy will be better or this ULIP is better?