Reduce life insurance coverage amount by half for an employee turning 70 years old

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Hi All,

We have a requirement like, if employee is already enrolled in Life Insurance plan with some coverage amount($X) and turning 70 years today, then coverage amount should reduced by half i.e; $X/2

If employee is not enrolled previously and turning 70 today then employee should have an option to elect coverage in between $5000 and $500000.

Please provide your suggestions.

Regards,

Harish.

 

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21C