Section 15(iv) in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
(iv)In case the proceeds of the policy either on surrender or vesting are not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended from time to time, such proceeds of the policy may be paid to the policyholder or beneficiary as lump sum.
