Common use of PAID-UP OPTION Clause in Contracts

PAID-UP OPTION. If this Policy is in force under the Paid-up Option, the Company reserves the right: • to defer payment of surrender proceeds for up to six months from the date of surrender; • to defer payment of a Policy loan for up to six months unless the Policy loan is used to pay premiums due the Company; and • to defer payment of a withdrawal for up to six months. If payment is deferred for 10 working days or more, interest will be paid on the surrender, loan, or withdrawal amount from the date of the surrender, loan, or withdraw to the date of payment. Interest will be paid at a rate at least equal to the rate required by the state in which this Policy is delivered.

PAID-UP OPTION. If this Policy is in force under the Paid-up Option, the Company reserves the right: • · to defer payment of surrender proceeds for up to six months from the date of surrender; • · to defer payment of a Policy loan for up to six months unless the Policy loan is used to pay premiums due the Company; and • · to defer payment of a withdrawal for up to six months. If payment is deferred for 10 working days or more, interest will be paid on the surrender, loan, or withdrawal amount from the date of the surrender, loan, or withdraw to the date of payment. Interest will be paid at a rate at least equal to the rate required by the state in which this Policy is delivered.