The dividends shall be paid in the manner specified in the policy, or, if the policy does not specify a manner of payment, then the dividends shall, at the option of the insurer, or if the insurer does not make an election, then at the option of the policyholder, be: Applied to provide paid-up additions to the policy; Paid in cash; Left to accumulate at a rate of interest not less than 2-1/2 percent, the accumulated dividends and interest to be payable on termination of the insurance if not previously credited to increase an operative nonforfeiture benefit under the policy; or Applied to the payment of any premium payable under the policy or, if no further premiums are payable, the dividends shall be credited in accordance with one of the aforementioned methods.