Common use of Surrender Benefit Clause in Contracts

Surrender Benefit. Upon surrender, the surrender Benefit is paid in one lump sum. The total surrender Benefit payable is the sum of the following: (a) Before Policy year 12 while the policy is still in force a) guaranteed Surrender value; b) Surrender value of reversionary bonus (if any); and c) performance bonus (if any) less any outstanding amount that You still owe Us. (b) After Policy year 12 while the policy is still in force a) guaranteed Surrender value; and b) accumulated non-guaranteed interest (if any) less surrender charge and any outstanding amount that You still owe Us.