Every individual variable annuity contract issued for delivery in South Dakota on or after July 1, 1978, shall contain a provision, or a notice attached to the contract, to the effect that during a period of ten days from the date the contract is delivered to the contract owner, it may be surrendered to the insurer together with a written request for cancellation of the contract and in such event, the insurer will pay to the contract owner an amount equal to the sum of:
(1) The difference between the premiums paid and the amounts, if any, allocated to any separate accounts under the contract; and
(2) The cash value of the contract on the date of surrender attributable to the amounts so allocated.