There is also the option to stop paying future premiums by converting the policy as a paid up policy. ‘‘In case of flow issues, policy can still continue as paid-up policy. In fact, most of Ulips also offer the option of partial withdrawal which can help overcome the immediate financial requirements,’’ points out Manik Nangia, director and chief digital officer, Max Life Insurance. The sum assured in a paid-up policy is reduced to a proportion of premiums paid till date by the policyholder and number of times premiums have been paid. So, if you make the Ulip paid-up, policy administration, mortality and fund management charges will continue to be applicable, which will eat into your fund value. But you can let the policy be paid-up after paying for three years of premiums—this is an option wherein the burden of future premium no more rests on you. Also, you do get some insurance cover which you could retain for as long as it lasts. Once you realise a Ulip is not what you had thought it to be or it does not work the way you want it to work, it may be in your interests to cut your losses and exit the policy.