For policies with premium payment other than single pay, the surrender value can be acquired on payment of all due premiums for at least 2 full policy years. (comparepolicy.com)
For regular & limited premium policies, surrender value can be acquired on payment of all due premiums for at least 3 full policy years. (comparepolicy.com)
There will be a grace period for payment of due premium of the policy. (tips.thinkrupee.com)