Saturday, November 7, 2020

Can i reduce sum assured or LIC policy premium for endowment plans like Jeevan Anand or Jeevan labh?

Can I reduce the LIC policy premium?

Reduction of Sum assured or reducing LIC policy premium both are same. Sum Assured reduction would directly reduce the policy premium. 

If a policyholder is not in a position to pay the LIC policy premium there is a provision to reduce the premium. For this, the policyholder can ask his LIC Agent to help or directly meet the concerned Branch Manager.

The reduction of sum assured would be a loss to the policyholder as the previously paid premiums would not be returned back as he had enjoyed the high insurance cover so far. 


As a special case, the competent authority may consider the application. The Policyholder has to give a valid reason for the reduction of the sum assured or premium.

Please contact your LIC Agent or the particular LIC Branch Manager for more info. 


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