(1) There shall be a provision that if it is found that the age of the individual insured or the age of any other individual considered in determining the premium has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have been had it been purchased stating the correct age.
(2) As to overstatement of age, the policy may provide, in lieu of the provision required under subsection (a) of this section, that the insurer will refund any excess of premium collected for the amount of insurance or benefit stated in the policy, as based upon the correct age.