I am new to mutual funds and planning to invest (20k) into mutual funds. So can I invest in 2 types of the same funds from different companies?

I purchased an SBI Life Smart Wealth Builder policy for myself. So far, I've paid 3 lakhs. According to the policy, I have to pay around 1.5 lakhs annually for 6 years. Today when I checked with the bank regarding the returns on already paid account, the bank claims to have invested my 3 lakhs in the SBI Life Equity Fund, which currently has a value of 3 lakhs. Guide me on how can I verify this? Whether I should continue investing in this policy, or are there better options for life insurance and investment?