Minimum limits for annuities and other benefits secured by policies of life insurance.

    ¹[4. Minimum limits for annuities and other benefits secured by policies of life insurance. --The insurer shall pay or undertake to pay on any policy of life insurance or a group policy issued, a minimum annuity and other benefits as may be determined by regulations excluding any profit or bonus provided that this shall not prevent an insurer from converting any policy into a paid-up policy of any value or payment of surrender value of any amount.]