MF's Vs ULIP's

I have been hanging in this deli ma for quite some time now. Is MF better or ULIP better for investing my money in. After quite some time of market research & talking to at least a dozen investment agents, & then finally calculating all of it by myself, following are my observations & conclusions:

1) With the same amount of premium (45000p.a.)
-- MF over a period of 20yrs @ 6% give a return of Rs.12,65,991
-- ULIP over the same period of 20yrs @ 6% give a return of Rs.15,54,398
-- Difference - Rs.2,88,407
-- Fund Management Charges (FMC) in case of MF over the same period - Rs3,05,534

2) With the same amount of premium (45000p.a)
-- MF over a period of 5yrs @6% gives a return of Rs.2,43,054
-- ULIP over a period of 5yrs @6% gives a return of Rs.2,33,993

Conclusion

1) If investing for a period of less than 7 yrs MF is a better option.
2) If invested in MF do not keep the money invested for more than 7 yrs, because then the FMC would start eating into your corpus.
3) If investing for a period of more than 7yrs ULIP is a better option
4) If invested in ULIP do not take out your money before 7years because in that case the returns would be lower than iin the case of MF's.