When applying for the termination of an insurance contract in accordance with the provisions under Article 18 of this Act, the applicant shall fill out a contract change form and give it to the insurance handling branch along with the policy. In the event that the premium has been paid for over one year, the applicant may apply for a refund of the entitled policy value reserve.
In regard to the amount of the entitled policy value reserve as mentioned in the preceding paragraph, 90% of the policy value reserve will be refunded if the premium has not been paid for over three years, and for every extra year with premium paid, 1 % more shall be refunded. The limit is 100%.
In the case that the applicant is terminating single payment insurance contract, the insurer shall refund the full amount of the policy value reserve.

When the applicant is applying for the refund of the entitled policy value reserve in accordance with the provisions under paragraph 1 of Article 21 of this Act, apart from that the insurance contract shall be terminated in accordance with the provisions under Article 18 of this Act, the calculation and conditions shall comply to the provisions under paragraphs 2 and 3 of the preceding article hereof.