Surrender* value:(S.V)
This policy can acquire a surrender price when it's been inforce for finally 2 consecutive years provided no premiums area unit in default.The surrender price are quoted by state life for the asking of the customer.The surrender price is bonded to be not less then half-hour of"aggregate premiums"Less any amounts already paid by state life beneath this policy.Aggregate premiums mean all premiums paid beneath the policy excluding the subsequent :
a) Premiums for the primary policy year
b) additional premiums, and
c) premiums for any supplementary contracts.
This policy is also given at written request of the customer.State life can then pay him/her net surrender price of the policy.Net surrender vaiue where it seems throughout this policy means that the surrender value of the policy less outstanding dues of state life loans given and automatic premium loans beside accumulated profit or return(however referred to as or described).
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