You'd better look how many equite-investment funds which generates annual return less than 3.4%. There should be very few of such bad skilled fund managers.
Then you may want to evaluate the expected return from the equity funds. If the expected return is high, say 7% on average, of course, you should not buy the issurance since you can put part of the money on the equity fund, and use the rest to buy purely life insurances.
If so the result will be either the insurance gives the same protection and you get higher return for the investment, or you get the same return for investment and be more protected by the insurance.
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