Section 10(c) in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
(c)In case of Single premium policies, the policyholder has an option to surrender any time during the lock-in period. Upon receipt of request for surrender, the fund value, after deducting the applicable discontinuance charges, shall be credited to the discontinued policy fund.(i)Such discontinuance charges shall not exceed the charges stipulated in Regulation 27 (e) under these Regulations.(ii)The policy shall continue to be invested in the discontinued policy fund and the proceeds from the discontinuance fund shall be paid at the end of lock-in period. Only fund management charge can be deducted from this fund during this period. Further, no risk cover shall be available on such policy during the discontinuance period.
