Dunno which is best. About 8 years ago my ex-colleague last time bought Great Eastern Life insurance for her 5 year old daughter. Premium about RM2400+ per month. Now i think price increase oledi. Not everyone can afford it.

there are more than one type of life insurance plan. i think yours is a basic one. the type that she bought, she required to pay the premium every month, then after a period of time passed she can request to withdraw out partial of the money paid for any reason. it is something like a savings account. also, maybe partial of the premium paid may be used for some kind of investment by the insurance agent/company (but the return is not guaranteed)

ya i think is ILP. her's one cover permanent disability, critical illness, death, etc.