Hi,
I had applied for LIC’s Amulya Jeevan(plan no 190) term plan for 35 years,sum assured 25 lakh for my Wife(Age 26 Years,premium 7600, Annual salary 5.6 lak ) and myself (Age 27 years, premium 8600, Annual Salary 5.8 lakh).
I have submitted the proposal form along with all the documents. The medical has also been done for both and the reports are all fine.The premium amount has already been deposited to the LIC. Now the LIC agent says that the LIC can give insurance cover of only 15 lakhs for my wife and 10 lakh for me. The premium will be reduced to 6254 for my wife and 3356 for me and the balance amount will be refunded.
Please let me know if LIC can reduce the insurance cover for a plan whose minimum insured amount itself is 25 lakh. What are the implications of accepting the the reduced cover. Will it impact if in future I have a take another insurance plan from LIC or some private company.