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Report No. 190 Acquisition of surrender values by policy (Section 113) 8.9.30 This sub-section provides that the sub-sections (2) and (3) shall not apply in case of the paid up value or the reduced annuity falling below a minimum amount. It is suggested that this minimum amount of paid up value and annuity may be allowed to be notified by the Authority from time to time. 8.9.31 Sub-section (4) (c) provides that the subsections (2) and (3) are not applicable to policies in which the surrender value would be automatically applied under the terms of the contract to maintain the policy in force after its lapse because of nonpayment of premium. It is suggested that a proviso be added to this sub-section to provide for this.    |
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