Section 16 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
16. Surrender Value.
(a)Surrender Value: All individual Unit Linked insurance and pension products shall acquire surrender value in the following manner:(i)Unit Linked insurance products other than Unit Linked pension products shall acquire surrender value stipulated in Regulations 10 & 14 under these Regulations.(ii)Unit Linked Pension Products shall acquire surrender value as stipulated in Regulation 21 under these Regulations.(b)Where a Unit Linked insurance policy acquires a surrender value during the first five years, it shall become payable only after the completion of the lock-in period. After the lock-in period, the surrender value shall be at least equal to the fund value as on the date of surrender.(c)The "Surrender Value" or the "surrender value formula" shall be published in the policy document and all other promotional materials of the policy.
