Endowment plan

I'm considering doing a partial surrender on my endowment plan and would appreciate hearing from anyone who has gone through the same thing.

I'm currently about 5–6 years into a 25-year endowment plan. I bought it when I had very few financial commitments. At that time, my parents encouraged me to get it and I didn't really think much. Fast forward to today, life is very different. Looking at my overall financial situation now, I feel that the annual premium has become too much for me to comfortably maintain.

I did consider a full surrender, but the huge loss is painful. I spoke to the insurance company, and they offered the option to reduce the policy (sum assured) instead. While I understand that I'll lose some value and the maturity payout will be lower, I'm comfortable with that. They did the calculations. At $224 monthly, the premium is much more manageable and is an amount I'm comfortable continuing to pay over the long term.

I already have my hospital and life insurance covered, so this endowment isn't for protection. My agent doesn't recommend reducing the policy. Instead, she suggested that I withdraw the yearly cash benefit to help with my cash flow. The thing is, I’ll rather leave the cash benefits in the policy and not rely on withdrawing them every year.

Has anyone here chosen to do a partial surrender or reduce their endowment plan? Was it worth it, and do you have any regrets?

MyEasySaver
Started July 2020
Premium: $1886 yearly
Paid: $11,316

SteadyPay Saver
Started September 2021
Premium: $2978.50 yearly
Paid: $14,892.50