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) guaranteed Surrender value; b) reversionary bonus (if any); c) performance bonus (if any); and d) any Retirement Income accumulated with Us (if any) plus interest accrued up to the date of surrender; less any outstanding amounts that You owe Us on this policy. Surrender Benefit will be payable upon surrender from the end of the third Policy year after the Premiums have been paid for three years.