After paying LIC premium for some time the policyholder finds it to continue with the same premium, he can approach the particular LIC office and submit a request.
Can I reduce the premium after starting the LIC policy?
Yes, Many times the policyholder open a policy for a high premium. The next year he may feel the premium is more and want to reduce it. In that case, he can ask for the particular Agent’s help or directly go to the LIC Branch and request the LIC Branch manager for his help.
What is the process to reduce the LIC premium?
A written request to be given with valid reason for the reduction of the LIC premium.
What would be the problem if I reduce the existing LIC premium?
The problem is the reduced premium would be considered from first year onwards and no refund would be made. The policyholder would continue to pay the reduced premium but the higher premium paid in the past years would not be refunded because all those years the policyholder had enjoyed the highest insurance cover.
Whom to approach for reducing the existing LIC premium?
Ask for the help of your LIC Agent or directly approach the Branch Manager of concerned LIC Branch.