What is partial withdrawal in ULIP?
Partial withdrawal means that you can withdraw money from the policy investment corpus without closing your plan fully.
More info - http://www.policywala.com/forum/show...drawal-in-ULIP

What is surrender value?
It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity.
More info - http://www.policywala.com/forum/show...urrender-value