Mutual Fund : Is it wise investment?. Review on Mutual Funds Vs. Individual Stocks

*I have so far been a conservative in my thinking and never thought of investing in MFs. H'ever with changing times and awareness I have started to invest in SBI Magnum Taxgain Scheme thru SIP. I am pretty thrilled to see the return MF can yield over a period of 5-10 years, and thus now decided to invest more in MFs.

I am not sure or aware of other MF and their performance. Can someone please guide on this. I have shortlisted Reliance Growth, Reliance Vision, SBI Magnum Contra, Sunderam BNP Mid Cap fund are some of the top performing funds presently in which I intend to put my money to the tune of Rs. 1000 - 1500 per month each.

H'ever can some please comment on scenario goign to be in next tenm years as with regards to Stock Market. Will it reach 25000 mark?

Also can anyone also update me on ULIP products available in market. I have two LIC policies for a period of 11 years with out any money back scheme, is it wise to discontinue the LIC policies and invest in ULIPs are just stay invested in LIC, since both are 11 years policies.

I am looking for investment for 10 years, which I expect to yield decent returns and them the accumulated wealth can be invested in safe yet decent return products to plan my retirement.*