When did you receive the message of surrender?

After surrender, the money usually arrives within half a month.

Surrender means that when the insurance contract is not fully performed, the applicant applies to the insured, and the insurer agrees to terminate the legal relationship between the two parties as defined in the contract, and the insurer returns the cash value of the insurance policy according to the Insurance Law of People's Republic of China (PRC) and the contract.

Surrender can be divided into hesitant surrender and normal surrender.

Surrender in hesitation

Surrender in hesitation period means that the insured surrenders within the hesitation period stipulated in the contract. General insurance companies stipulate that ten days after the insured receives the policy is the hesitation period. Usually the insurance company will refund the full premium after deducting the production cost.

Surrender normally

Surrender beyond the hesitation period is regarded as normal surrender. Usually, the insurance policy that has obtained the insurance premium may not apply for surrender. Normal surrender generally requires that the applicant can apply for termination after a certain period of time, and the life insurance company should refund the cash value of the policy within 30 days from the date of receiving the application. The cash value of a policy refers to the amount that can be returned when the life insurance contract is terminated or surrendered.

In long-term life insurance contracts, insurance companies usually need to deposit a certain amount of liability reserve in order to fulfill their contractual responsibilities. When the insured requests to cancel the contract or surrender the insurance for reasons within the insurance validity period, the insurance company will return the balance of the deposited liability reserve minus the deduction for cancellation to the insured according to the regulations, which is the cash value of the policy.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.