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Insurance

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The policy holder may get a proportion of the premium back based on two conditions. The insurance company gives an option of grace period during which you can pay the premium and keep the policy in force.
If the policy is been less than 3 years old since you purchased your policy and not paid premium, then you may not receive any money back from the insurance company.
If you have paid premium for more than 3 consecutive years, you will receive a proportion of the premium paid; depending upon the assured sum and the accrued bonus if any. However, the surrender value will vary by company and policy.
The surrender value depends on factors like type of policy, amount of premium, policy term, number of years for which the premium has been paid and accumulated bonus.

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