The amount the assured receives if he decides to discontinue the life policy is known as

If an assured decides to discontinue their life insurance policy, the amount they receive from the insurance company is called the surrender value. The surrender value is the amount of money that the insurance company will pay the policyholder if they choose to terminate the policy before its maturity or completion date. This value represents the policy's accumulated savings and investment portion, minus any applicable fees, such as administrative and surrender charges. The surrender value may be lower than the total premiums paid by the policyholder due to the deduction of these charges. Therefore, the correct option is surrender value.