As per the description above it's looks like you have invested in the 'Life Super Growth Fund 1' option (current NAV = 11.7897).As per the information this fund option invest most in corporate bonds etc. so returns are down.

Life Super Growth Fund 1
Corporate bonds and other debt instruments/ Bank deposits/ Money Market Instruments - 20% - 100%
Equities - 0% - 80%

I would recommend to use the fund switch option and change the fund option to one of the following as per your risk capacity -
1- Life Growth Plus Fund 1 - 02-Mar-12 - 13.8859
2- Life Midcap Fund 1 - 02-Mar-12 - 10.0317
3- Life Money Market Fund 1 - 02-Mar-12 - 13.2342
4- Life Pure Equity Fund 1 - 02-Mar-12 - 12.9011

Note - ULIPs are only good for long term investments (min 10-15 years)