Where not less than one year's premiums are paid before 1st February 1993 under a policy to which section 75 of the 1974 Act applies, the owner of the policy shall be entitled at any time within one year from the date on which the last premium was paid to surrender the policy and claim the policy or the payment described in section 75(1) notwithstanding the repeal of section 75 of the 1974 Act by the 1992 Act.