No, you do not need to report or pay tax on the partial withdrawal of cash value from your life insurance policy.
Those funds would be considered a return of non-deductible premiums you paid in to the policy, partly for insurance coverage and partly as an investment.A policy withdrawal, on the other hand, is considered to be a partial surrender of the net cash value.
If, however, some portion of the cash payout included previously non-taxed interest income, then the payer would issue you a 1099-INT for that amount - that interest income would be taxable.
Insurance companies generally do not issue Forms 1099-R for distributions from insurance policies unless at least some portion of the distribution is taxable. If you received a Form 1099-R and box 2b Taxable amount not determined is not marked on the form, box 2a shows the taxable amount. If the value of the insurance policy was greater than the sum of the premiums that you paid into the policy, some portion of the distribution is taxable.