§ 26-16-204 — Paid-up nonforfeiture benefits

Any paid-up nonforfeiture benefit available under the policy in
case of default in a premium payment due on any policy
anniversary shall be such that its present value as of the
anniversary shall be at least equal to the cash surrender value
then provided by the policy or, if none is provided, that cash
surrender value which would have been required by this article
in the absence of the condition that premiums be paid for at
least a specified period.