Here is where you can find details of policy surrender process.
If the premium has been paid until the policy has cash value, and the policy is still in-force, the insured is entitled to terminate the contract by proposing to surrender the policy and receive the policy surrender value according to the amount prescribed in the policy value table and other benefits entitled to receive (if any), minus any outstanding debt amount (if any) and the life insurance policy will be terminated.
The required documents:-
Policy Surrender Requisition Form (Please find an advice from the Office of Insurance Commission regarding surrender an existing policy to buy a new one. At the back page of the Policy Surrender Requisition Form)
Copy of Identification Card with certified true copy
Original policy booklet or a copy of the policy report in case of policy lost
FWD Care Card
Copy of bank book in case of the bank transfer requisition with certified true copy
Processing time: 20 days from the company received all required documents