بسم الله الرحمن الرحيم
(Fatwa: 725/598/D=9/1438)
In case you opt out the policy you would have to bear the loss of 80% money then in order to save your money you may continue to pay the premium. But when you get the total amount then you should use only the amount equal to the amount which you have paid and give the extra amount which you receive on the policy to the poor and needy ones without the intention of reward as it is the amount of interest and gambling. However, if you bear the loss of 80% and come out of the policy right now then it is far better.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband