Should I keep my GE Smart Life Advantage?

I have a GE Smart Life Advantage which i bought in 2016 and was thinking whether I should keep it. I understand that the insurance charges will increase, so I am not too sure whether to cancel it at a loss, and change to Term and invest the rest instead. (Used to be non smoker when i bought the plan and now I am a smoker)

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Also, i saw this from the product summary (insurance charge): the rate of insurancee charge per annum shall not exceed the maximum of 2.5 times of the insurance charge rates shown in the Appendix. "This maximum rate is applicable for standard life only."

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What does that mean? Anyone can advise please? :)