After the lock-in period of five year, policyholders can withdraw a certain amount from their Ulips’ funds and these are tax-free. However, the withdrawal amount can’t exceed 20 per cent of the fund value. Say, someone has a Ulip with fund value of Rs 2 lakh at the end of five years, his annual premium is Rs 30,000 and sum assured is Rs 3 lakh. He can withdraw only Rs 40,000 (20 per cent of Rs 2 lakh). Also, the life insurers may have other limitations such as those on the minimum amount or the number of partial withdrawals made in a year. Therefore, the policyholders must go through the policy document of the Ulip plan to know more about these terms and conditions, while ensuring timely payment of premiums.