I took a term policy from Aviva for Rs.16 lacs. The. monthly premium was Rs. 1, 040. After the medical tests were done I got a call from Aviva. They said the policy document would be sent soon. But next day, I received an SMS from Aviva informing me that the monthly premium has been increased to Rs. 1300. I am not prepared to pay the extra premium.
I would like to know the opinion of others. Please tell me, should I cancel the policy?