IHT and Life Policy in Trust

[nick2016]

in 2001 a Trust was set up by a father holding a life policy on his life. He pays the annual premiums under the policy.
The present beneficiary of the Trust is his daughter. However she predeceases her father.
In the daughters Estate would the Trust be valued by reference to the current value of the annual premiums as of the date of death or the sum assured on the fathers life (which to secure would require the annual premiums to be paid through to his death)

[maths]

Market value is surrender value or premiums paid if greater.