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Normally ULIP do charge as below -
Premium Allocation Charge - 6 to 7%
Fund Management Charge - 1.35 to 1.75%
Mortality Charge - Depends on age, higher the age, higher the charge
These ULIOs do return charges in form of bonuses post 5 or 7 years which is around 0.25% to 1% of Fund Value depending on plan
If you take 15-20 years horizon, ULIPs do outperform MF by 0.5-1.5%CAGR
If you understand all this, and ready to wait then only opt for ULIP, else stick to normal Mutual Fund.
P.S. ULIP cant be liquidated before 5 years