A policy can be surrendered post completion of the lock in period as per the surrender clauses mentioned in the policy document.

1. In case of a ULIP policy, surrender value is payable only after the completion of the lock-In period. However, if a ULIP policy is surrendered before the lock-in period, the unit fund value minus discontinued charges will move to ‘discontinued policy fund’ and this amount will not be payable before completion of the lock-in period. The policy terminates and the discontinued policy fund amount will earn minimum guaranteed interest rates as specified by IRDAI for the remaining period. Post completion of the lock in period, the discontinued policy fund along with the accrued interest will be paid.

2. If a ULIP policy is surrendered post lock in period, the surrender value will be equal to the fund value (after deduction of charges for surrender and TDS as applicable) on the date of surrender.