Insurance is meant for protection. Amount you get from insurance is for your family and loved ones to meet their requirements(which you would have met, incase you are alive).
It makes no sense to take life long policy as in most of the cases people have fulfilled most of their responsibilities towards family by the age of 60.
Also its not a great idea to mix insurance and investment, simply because its too complex for even experts to understand the costs and benefits.
You should go for a term plan for a duration which you think would cover the risk. You will save a lot of cost by buying a term insurance rather than buying ULIP.