The insurer takes the risk of your death from the date of issuance of the policy till its end and this risk comes at a cost which is known as mortality charge. (comparepolicy.com)
For single pay policies, you can get a surrender value immediately after issuance of the policy. (comparepolicy.com)
Note: Before issuance of policy, vehicle inspection may or may not be conducted depending on the credibility of your vehicle and your driving records. (bharti-axagi.co.in)