(2) If, after an insurance contract has been in force for at least two years, two or more annua
l premiums or their half-yearly, quarterly or monthly equivalents having been paid thereon, any
premium is not paid on or before its due date and remains unpaid at the expiration of a period of 30 days following its due date, the contract shall thereupon be deemed to be changed to one of paid-up insurance for such amount as the net level
premium reserve under the contract, calculated according to the H.M. Mortality Table of the Institute of Actuaries of Great Britain and a rate of i
...[+++]nterest of six per cent per annum, at the due date of the unpaid premium, will purchase when applied as at that date as a single premium on the basis of the said table of mortality and rate of interest.