Common use of Surrender Benefit Clause in Contracts

Surrender Benefit. A guaranteed surrender Benefit, less any outstanding amount owing to Us, will be payable upon surrender. In the event You surrender the policy before the end of the first policy year and an advance payment for 2nd year Premium is made at point of application, We will pay the Surrender value and refund the advance 2nd year Premium paid (without any interest).

Surrender Benefit. A guaranteed surrender BenefitSurrender value, less any outstanding amount owing to Us, will be payable upon surrender. In the event You If you have paid an Advance Premium on this policy and you surrender the policy before the end of in the first policy year and an advance payment for 2nd year Premium is made at point of applicationyear, We we will pay the Surrender value Benefit mentioned above and refund the advance 2nd year Advance Premium paid (without any interest). Please refer to the Policy Illustration for the value of the Surrender Benefit.