I withdrawed my ICICI Prudential Life Insurance a few days before – on April 2nd 2012. I had taken the policy on June 2008 and since I haven’t completed my four year term, there was also a 4% surrender charge. I needed the money so even if its a small loss, I don’t mind. But if you are going to take in some new insurance policy, please go through term life insurance rate of the policy to make sure that it suits you.