Why would you buy a protection ILP vs an Endowment plan?

ILP: You have the choice of investments and funds to structure your portfolio however you want.

Endowment: You take part in the insurer's portfolio that is fairly conservative that pays you bonuses that are guaranteed with some variable return that smoothens out throughout the policy term.

So mainly ILP is more flexible but fully variable return with no guaranteed. An endowment, not flexible, with some guarantee and some variable.

The short answer is, I wouldn't. Don't mix savings/investments with insurance.

If I wanted protection, I would get pure protection plans. Term, Whole Life, Hospitalization, Accident, Long Term Care, all these are important and can be obtained through an insurance policy. If I had a definitive time frame with which I needed funds in future, I would get an endowment to make sure that the funds are there when I need them and not exposed to risk.

If I wanted to invest, I would do so directly in stocks/UTs, etc. No need to go through a 'wrapper'. I would have the flexibility to start, stop and add on as I please. So, I can't find any reason at all to buy a protection ILP.