Please remember that ULIPs are structured such that it is beneficial only if invested for more than 8-10 years. If you have paid 3 years premium for ULIP, you can surrender the policy and the insurer will pay you the fund value. Post 3 years the charges are lesser and therefore you build up units at a lower cost. I would suggest, if possible (as per terms of the policy) stop paying premium after 3 years and use cover continuance option till 5th year or take premium holiday and then surrender the policy in 5th year.