Suicide Exclusion

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The primary purpose of life insurance is to provide financial protection to your loved ones in the event of your death. If the policyholder is only sole earning member in the family, then Life Insurance acts an Income replacement, debt and expense coverage, financial security for dependents, furthermore it reduces financial burden associated with the death. Unfortunate death of policyholder can occur because of various reasons, but in case death of policyholder via suicide then following payouts shall be made to the policyholder:

For Non-Linked Life Insurance Products:

In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

For Linked Life Insurance Products:

In case of death due to suicide within 12 months from the date of commencement of the policy or from the date of revival of the policy, as applicable, the nominee or the beneficiary of the policyholder shall be entitled to the fund value, as available on the date of intimation of death. Further any charges other than fund management charges (FMC) and guarantee charges recovered subsequent to the date of death shall be added back to the fund value as available on the date of intimation of death.

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