Long term investment for Child Career

Mutual fund is the best option,

ULIP:  *** Don't go for ULIP (insurance + Shares), ULIP is a junk, you won't  get good returns, since most of your amount will be go for processing and insurance

LIC : Again Insurance is not needed for a kid, since your breadwinner of your family, u need the insurance (mandatory : Term insurance).

Mutual funds : Good option for long term. You need to invest in SIP(monthly investment) instead of single investment. SIP will make your UNIT allotment in safer position (up and downs of the market), the unit will be averaged.

  Again in mutual fund : 2 options : Open End and Close End. Nowadays, No Entry Load for the investing amount.

                                   In open end (you can take the invested amount at any time, with 1% exit load (within a year)), No Tax benefits ***

                                   In Close end(you are amount will be locked for the tenure, say 3 years), tax saver plans are there.

Also don't invest your monthly investment in one particular mutual fund, do it across two or three funds, (one can do better than the other)

my option,

1] Canara Robeco Eqt Tax Saver (don't go for  Dividedent Growth)

2] SBI Maximum tax gain Dividedent Reinvestment (don't go for  Dividedent Growth)

So think better than above and invest in rite place.