Surrender of endowment life insurance policy

Dear Sreekanth, I recently wrote to you about my MF portfolio and thanks for your kind advice. Here, I am writing about my life insurance policy that I surrendered a few weeks ago. I think many people are in my situation and they might get benefited by reading my post. I took an LIC Jeevan Saral Policy in 2010 with an annual premium payment of Rs. 60,000.00 for 27 years. I am now 38 years old, married, no child. I paid 7 premiums until 2016 (Rs. 4.20 lakhs in total). The surrender value of my policy as on 30th May 2017 was Rs. 3.50 lakhs. LIC deducted one premium amount plus Rs. 10,000.00 as fees/expenses. The latter one I still don't understand and LIC didn't provide any clear explanation either. I invested the surrender value amount in a top performing mid-cap mutual fund. Although I incurred a loss of Rs. 70,000.00, I was happy to discontinue this policy as I think endowment policies do not serve any purpose. Last year I bought an online term insurance policy from Kotak with high coverage and low premium amount. Therefore, I hope people will take right decision related to their endowment policies and do not be afraid of surrendering them (if they feel comfortable with) and invest the proceeds in a better investment option. However, having a life insurance policy is important if you have dependents, and it should not be considered as an investment /tax saving option. That is my two cents. Sanks