My father has Birla sunlife insurance gold plus 2,  TATA AIG  and LIC Mraket Plus  trio are 5yrs old so is it good to keep it or dissolve it now because as per my calculation TATA and Birla both are showing a loss of nearly 60,000 if in 5yrs this is the condition than in coming years it can erase even the last four digits from the annual premium.

I would like to know that how is ULIP different from MUTUAL FUND . I feel baring Insurance , regulator, & fees or charges there is no any such difference. If any kindly clear it with the example of LIC Market plus and SBI Magnum or Contra Mutual fund. For Long term ULIP is good or Mutual Fund .