Nonforfeiture benefits in policies issued under standard nonforfeiture law

In the case of policies issued on or after the operative date of §§ 58-15-31 to 58-15-43 , inclusive, as defined in § 58-15-42 , no policy of life insurance, except as stated in § 58-15-41 , may be delivered or issued for delivery in this state unless it contains in substance the following provisions, or corresponding provisions which in the opinion of the director of the Division of Insurance are at least as favorable to the defaulting or surrendering policyholder as are the minimum requirements specified in §§ 58-15-31 to 58-15-43 , inclusive, and are essentially in compliance with § 58-15-43.13 : (1) That, in the event of default in any premium payment, the insurer will grant, upon proper request not later than sixty days after the due date of the premium in default, a paid - up nonforfeiture benefit on a plan stipulated in the policy, effective as of such due date, of such amount as may be specified in §