Making a surrender request to your insurer will allow you to cancel the ULIP policy. When the ULIP policy is surrendered, there will be some fees. You will get the surrender value when you turn in the policy, based on the fund value on the surrender date. However, you will not get this money until your policy's five-year lock-in period has ended. For the best returns, experts recommend investing for a minimum of ten years, even though you can terminate the insurance at any time throughout the policy period.