; and (B) the veteran pays the premiums required during such two-year period. (3) (A) If a veteran dies during the two-year period described in paragraph (2), the Secretary shall pay to the beneficiary of the veteran the amount of premiums paid by the veteran under this section, plus interest. (B) For the initial year in which the Secretary carries out the insurance program under subsection (a)(1), the Secretary shall set the interest rate under subparagraph (A) at one percent, except that the Secretary may adjust such rate based on actual program experience if such adjusted rate is not less than zero percent. (C) (i) For the second and each subsequent year in which the Secretary carries out the insurance program under subsection (a)(1), the Secretary shall calculate the interest rate under subparagraph (A) at an annual rate equal to the rate of return on the revolving fund under subsection (a)(5) for the calendar year preceding the year of the death of the veteran, except that the interest rate may not be less than zero percent. (ii) On an annual basis, the Secretary shall publish on the internet website of the Department the average interest rate calculated under clause (i) for that year. (d) Premiums (1) The Secretary shall establish a schedule of basic premium rates by age per $10,000 of insurance under subsection (a)(1) consistent with basic premium rates generally charged for guaranteed acceptance life insurance policies by private life insurance companies. The Secretary may adjust such schedule after the first policy year in a manner consistent with the general practice of guaranteed acceptance life insurance policies issued by private life insurance companies. (2) Section 1912 of this title shall not apply to life insurance policies under subsection (a)(1), and the Secretary may not otherwise waive premiums for such insurance policies. (e) Beneficiaries (1) A veteran who enrolls in the insurance program under subsection (a)(1) may designate a beneficiary of the life insurance policy. (2) If a veteran