Term insurance vs ULIP - which is better for 32 year old?

I am 32 years old, married with two child. My annual income is 12 lakhs. I want to secure my family's financial future. An insurance agent is recommending a ULIP policy from LIC with sum assured of 1.5 crores and annual premium of 2.5 lakhs. But I have read online that term insurance is better and cheaper. Can someone explain the difference? For my situation, what coverage amount should I take? Should I go for term insurance or ULIP? I am confused because the agent says ULIP gives returns plus insurance, but term insurance only gives death benefit. Please help me understand which is the right choice.