A discontinuance charge means a fee or cost for stopping or ending a service or subscription before it was supposed to. It is like a penalty for canceling or discontinuing something prematurely. Full definition
On discontinuance of premium, the fund value under the base policy (including top - ups) less applicable discontinuance charges less the outstanding loans along with interest will be switched to Discontinued Policy Fund. (reliancenipponlife.com)
If the policy is surrendered before completing 5 years, then the Fund Value with a net of discontinuance charges shall be credited to the Discontinued Policy Fund. (policybazaar.com)
The surrender value will be available only after the completion of five policy anniversaries after deducting discontinuance charge, if any. (reliancenipponlife.com)