Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by § 58-15-33 in the absence of the condition that premiums shall have been paid for at least a specified period.
S.D. Codified Laws § 58-15-34
Paid-up nonforfeiture benefits--Default in payment of premium
Source: SL 1966, ch 111, ch 23, § 28 (4).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.