How do I earn any bonus from a participating insurance policy?

I am a homemaker with two children—aged six and nine. I want to plan for their future and start making investments for various goals such as higher education, coaching classes, marriage, etc. I have started investing in long-term insurance policies and mutual funds towards this end. When it comes to participating plans, I wanted to know how the cash value of a participating insurance policy grows over time? Also, as my financial situation evolves, can the coverage and premiums be adjusted over time?

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