For both Insurance and Mutual Funds there are many products available in the market. Mutual funds can help to maximize returns since it is not dependent on a single fund for Growth. However, there is no fixed profit with mutual funds and there is no fixed death fund with Insurance.
With insurance, you can save tax, which can also be done by investing in Equity Linked Saving Schemes (ELSS) of Mutual funds. Insurance provides life cover while mutual funds have no cover. It is recommended to have the best of both worlds by Buying a Term Insurance and investing in mutual funds, preferably ELSS.