970

Such contracts issued after the operative date of section 984 of this title shall contain—\n(1) a provision that in the event of default in any stipulated payment, the insurer will grant a paid-up nonforfeiture benefit on a plan stipulated in the contract, effective as of such date, of such value as is hereinafter specified;\n(2) a statement of the mortality table and interest rate used in calculating the paid-up nonforfeiture benefit available under the contract; and\n(3) an explanation of the manner in which the paid-up nonforfeiture benefits are altered by the existence of any paid-up additions credited to the contract or any indebtedness to the insurer on the contract.