Section 14(2) in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
(2)Complete withdrawal of the policy.(iii)In case the policyholder opts for (1) of Regulation 14(a)(ii) under these Regulations above but does not revive the policy during the revival period, the fund value shall be paid to the policyholder at the end of the revival period.(iv)In case the policyholder does not exercise any option as set out above, the policy shall continue to be in reduced paid up status. At the end of the revival period the proceeds of the policy fund shall be paid to the policyholder and the policy shall terminate.(v)However, the policyholder has an option to surrender the policy anytime and proceeds of the policy fund shall be payable.(b)In case of Single Premium Policies, the policyholder has an option to surrender the policy any time. Upon receipt of request for surrender, the fund value as on date of surrender shall be payable.
