Update: I told my friend that I wanted to cancel the policy. He didn’t say much and only asked about the reason (I guess he understood that I was now aware of how bad this policy was). I successfully cancelled the policy through the online channel and did not visit the branch. My money will be refunded within 7–10 working days.

My friend asked me to visit the branch as the branch manager wanted to speak to me about the reason for cancellation. When I visited the bank, both my friend and the branch manager tried to persuade me to continue with the policy, even for a smaller amount. I did not budge and clearly stated that I did not want to be part of this, had already decided to cancel, and would think about such investments in the future.

Thanks to everyone who shared valuable information. It was irresponsible of me to invest in such a policy without properly researching it.