If you have traditional life insurance policies like endowment or money-back, you can leverage them to secure a cost-effective loan
All three insurance products have tax benefits under section 80C & 10D of Income Tax Act.
There are some basic differences between term and endowment plans. Money9 gives you a basic comparison
If you surrender your endowment policy now, you will probably get a surrender value of only 30%-40% of the total premium paid so far