Child Education Corpus - The best way

Hi Everyone,

I need your opinion on best alternate for building a corpus for child education. I am evaluating traditional as well as Equity oriented investments plans.
I am 38 yrs old and for my 7-year child i want to start investment. I have thought of below split up for nest 12-15 years
PPF: Rs. 8000 per year (Around 15% of total)
Fixed Monthly Deposits: Rs. 18000 per year (around 35% of total)
Equity oriented: 25000-30000 per year (remaining around 50% of total)

For equity related stuff I am thinking of:
a) Either Mutual funds or
b) ULIP
I have read lot about ULIP being expensive and so on. Can one please suggest whether ULIP is better for 12-15 yrs than MFs or any other opinions are also more than welcome.

Thank you,
Pawan