Cash surrender value is the amount that an insurance policyholder will receive from the insurance company if the policyholder surrenders the policy. Normally it is also termed as the saving component of the policy.
For example, a person purchased a life insurance policy 10 years ago and is paying premiums ever since. If he decides to terminate the insurance policy because he needs some money, he can surrender his policy and will receive the cash surrender value from the insurance company. The cash surrender value can be requested partially by policyholders that will lower the total benefit at the death of the policyholder.
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