Surrendering or making a policy paid-up?

[Rahul]

b) ICICI Prudential Assure Wealth - Super: This is a ULIP which was mis-sold to me recently. The Sum Assured is 1 Lakh. I pay an annual premium of Rs 20000 for this. I started this policy in February 2010 & have paid 3 premiums already. The next premium due is on February 2013, but I do NOT want to pay this since it will NOT even qualify for tax savings this year! I want to surrender this policy in February 2013 instead, as soon as 3 years are up, & cut my losses, if any. Should I do this?

First buy term insurance for your life cover. Also check tax provisions before surrender.