For investment, ELSS is always better when compared to the ULIP. ULIP is an upfront loss of money for the charges that are levied on the investor. Laymen do not notice it because they charges are cut in the form of units from the investment amount. After the charges are deducted, the remaining amount is then invested.
Just to give you a glimpse of the types of charges- there are premium allocation charges, fund management charges, administration charges, partial withdrawal charges, fund redirection charges and so on.
In fact, for insurance purposes please do consider the simple term insurance plans as they are much cheaper with much bigger coverage than compared to the ULIPs.
Also, if you are looking beyond getting the tax benefit, they are many other categories of mutual funds you can consider which are more actively managed than ELSS.
Please be cautious of the advice given by relationship managers and others at the bank. They are under a lot of stress to sell insurance and earn revenue for the bank. Please take your time to research before making a decision to invest.