Some games have this built in and you don't have to fudge it.

Fate, my go to example, has important but simple rules around losing a conflict.

At any point before someone tries to take you out, you can concede. That's a player action and not a character action. If you concede, you get a say in what happens to your character. That's where you as a group say "maybe they stab me but leave me for dead in the confusion" or "maybe the orcs take me prisoner so you all can rescue me next week". Whatever the group decides is cool goes, but you get a say. You make this call before the dice are rolled. You also get one or more fate points, which is nice.

If you instead push your luck and let them roll, and their attack is more than you can take, you're done. The rest of the table decides what happens but you don't get a say beyond what was agreed to in session 0.

This would also be pretty easy to import into DND or most other systems.