Section 20(a) in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
(a)All individual savings and protection oriented products such as non-linked life insurance products, and non-linked pension products including deferred annuity products, other than pure risk premium products such as term insurance, health insurance and immediate annuity products, shall acquire, both, a guaranteed surrender value and special surrender value, if higher. The guaranteed surrender value shall acquire in the following manner:
