If you stop paying premiums after the policy has acquired a Surrender Value (typically 2–3 years in), you can convert it to 'paid-up' status instead of surrendering. The policy stays alive but the Sum Assured shrinks proportionally to (premiums paid / total premiums due) × original SA. Bonuses already vested stay vested but no new bonuses accrue.
Paid-up is often a better option than surrender for medium-tenure policies you can no longer afford — you preserve some cover and keep the death benefit alive without throwing more money at the policy.