Surrender Charge Waiver

Surrender Charge Waiver is a provision that allows the policyholder to withdraw or surrender a portion or the entirety of the policy's cash value without incurring the usual surrender charges. This waiver is typically activated under specific circumstances, such as the diagnosis of a terminal illness or permanent disability. By waiving these fees, the insurance company ensures that the policyholder can access their funds when they need them most, without being penalised for early withdrawal.