What should I do with my Investment-Linked Plan policy that I bought from my friend who is working with AIA?

Firstly, it's always about suitability.

ILPs are merely one of the many tools or investment solutions that one can take up!

If one prefers passive investments, No doubt that ILPs may have higher charges or cost. However, the net returns that you eventually achieve (if managed properly) could actually be much higher than that of other options such as Robo-advisors, Index Funds etc.

Most importantly is whether your adviser is able to manage your portfolio and conduct regular reviews to ensure that your portfolio is aligned with your goals/objective!

At the end of the day, what matters more is the advisor's abilities to manage your portfolio! Should you decide the cancel, it is highly probable that you may lose the bulk of initial investment! The second question you should ask yourself is should you decide to cancel, will the alternatives be able to recoup the loss from early cancellation

Agree with Hariz.
Always focus on what is your objective. Then check whether it's worth it to cancel it now, and do your own DIY, or continue with the policy (and do your figures).

You might want to be interested in my next event on Investment Regrets: Why Fees Matter. Look out for it.