The total benefit value of a policy or contract is the aggregate of:

the policy value (see below);

any capital sum previously paid and the value of any benefit of a capital nature previously conferred under the policy or contract or under any related policy;

in the case of a life insurance policy, the amount of any loan previously made to the policyholder under that (or a related policy) and treated as a part-surrender (see ¶343-540);

in the case of a guaranteed income bond, any previous amount paid under that or a related policy, which was treated as a part-surrender (see ¶343-560); and

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