ULIP Vs Insurance cum Investment

I fully agree with the opinion of fellow group members.I had put forth the same view with one of the investment/insurance adviser of AVIVA.However  he is trying to prove that "LIFELONG" of Aviva is better than Term Plan+ Investment. The tabulation given by him is as under.

		"Buy term and invest the difference" - Does it make sense?
		OPTION I		@ RATE	6%				OPTION II
		TERM PLUS MUTUAL FUND							LIFELONG
		TERM PLAN	MUTUAL FUND	E. LOAD	BOY FV	EXP RATIO	EOY FV		PREMIUM	EOY FV	DEATH BENEFIT
	1	8240	60726	1215	59511	1488	61505		68966		2000000
	2	8240	60726	1215	121017	3025	125071		68966		2000000
	3	8240	60726	1215	184582	4615	190766		68966		2000000
	4	8240	60726	1215	250277	6257	258661		68966		2000000
	5	8240	60726	1215	318173	7954	328832		68966	326912	2000000
	6	8240	60726	1215	388343	9709	401353		68966		2000000
	7	8240	60726	1215	460864	11522	476303		68966		2000000
	8	8240	60726	1215	535815	13395	553764		68966		2000000
	9	8240	60726	1215	613276	15332	633821		68966		2000000
	10	8240	60726	1215	693332	17333	716559		68966	734162	2000000
	11	8240	60726	1215	776070	19402	802068		68966		2000000
	12	8240	60726	1215	861580	21539	890443		68966		2000000
	13	8240	60726	1215	949954	23749	981778		68966		2000000
	14	8240	60726	1215	1041289	26032	1076173		68966		2000000
	15	8240	60726	1215	1135684	28392	1173729		68966	1249365	2000000
	16	8240	60726	1215	1233241	30831	1274554		68966		2000000
	17	8240	60726	1215	1334066	33352	1378757		68966		2000000
	18	8240	60726	1215	1438269	35957	1486451		68966		2000000
	19	8240	60726	1215	1545962	38649	1597752		68966		2000000
	20	8240	60726	1215	1657263	41432	1712782		68966	1911577	2000000
ADVANTAGE LIFELONG
- in term+mf whenever you stop life cover vanishes						- you get forced savings in Lifelong, in MFs the tendency to withdraw is stronger
- reinstatement of term policies more stringent norms on u/w						- because of early exit clause the investment horizon is longer term and hence less volatility
- you get the benefit of single stop shop with sum at risk concept						- in Lifelong you can increase and decrease sum assured as per need
i.e. the more you invest the less you pay as mortality charges						- in Lifelong you can stop paying premium after 2 years - without losing lifecover
						- in Lifelong you get the benefit of indexation not available in term insurance
Assumptions:
Sum assured of 20 lacs in both the options
Lifeshield and Lifelong premiums calculated for male aged 35 years for 20 yr term
Expense ratio of the mutual fund is assumed to be 2.5%
Entry load has been taken at 2% (Assuming balanced or growth fund)
Returns shown at 6% gross investment rate