Section 492 | The total benefit value of a policy or contract

(1)To calculate the total benefit value of a policy or contract for the purposes of section 491, add together—

(a)its value in accordance with section 493,

(b)any capital sum paid under the policy or contract before the event,

(c)the value of any other benefit of a capital nature conferred by the policy or contract before the event,

(d)the amount of any loan made before the event, the making of which is treated as the surrender of a part of the rights under the policy or contract under section 500(c) (loans by insurers to which section 501 applies),

(e)in the case of a guaranteed income bond contract, as defined in section 504(7), any amount paid before the event, the payment of which is treated as a surrender of a part of the rights under the contract under section 500(d) of this Act (payments by insurers under such contracts), and

(f)in the case of an assignment, the amount or value of any share in the rights under the policy or contract that was assigned before the event.

(2)References to the policy in subsection (1)(b) to (e) include any related policy.

(3)This section is subject to—

section 495 (disregard of certain amounts in calculating gains under section 491), and

section 497 (disregard of trivial inducement benefits).