ULIP POLICY surrender

If the early Redemption amount of ULIP policy is less than the total premiums paid, is the difference eligible for LT capital loss?? Twelve years back when I and my wife turned 60, we were ill-advised, into buying ULIPs at that time. Having only income out of our savings investments, after 60, we now felt the need for extra funds and had to redeem our ULIPs. We feel cheated by so-called Big Insurance companies, since our paid premiums never grew.