Section 10(a) in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
(a)For other than single premium policies, upon expiry of the grace period, in case of discontinuance of policy due to non-payment of premium, the fund value after deducting the applicable discontinuance charges, shall be credited to the discontinued policy fund and the risk cover and rider cover, if any, shall cease.
