Unit-linked insurance policies (Ulips) come with five-year lock-in periods. If you are not happy with a policy and wish to stop premium payments, you can surrender it. However, you will get the accumulated fund value only after five years. It will be moved to a discontinued policy fund until then. Also, the insurer will levy surrender charges if you surrender before the fifth year, after which the charges will be nil. The charges are also linked to your annual premium. For instance, if it is more than Rs 50,000 and you surrender it after paying the second-year premium, surrender charges will be 4 percent of the annual premium or fund value, whichever is lower, with a maximum cap of Rs 5,000.