Insurance claim in case of suicide
sridhar pasumarthy
(Querist) 06 November 2011
This query is : Resolved
Respected Experts,
Please advise me whether insurance amount can be claimed in case of suicide by the insured.
mahendrakumar
(Expert) 07 November 2011
it depends upon the policy conditions.
with regards to policies issued by the LIC,claims are paid on suicide too provided the suicide committed after one year of the commencement of the policy.
However in case of assigned policies favouring financial instituition,the claim would be paid after 3 months of commencement,the claim would be admissible to the extent of the consideration amount of the loan or actual sum assured which ever is less, provided such notice of assignment was given.
Note: to the querist-if the policy is of LIC,claims would be paid as noted above.
I feel,experts should not make comments,if they are not sure of such matters,as just because we are in the panel of experts,we cannot and should not comment on all matters.
Sailesh Kumar Shah
(Expert) 07 November 2011
I completely agree with Shri Mahendra kumar. I would like to add further that i have read in documents of "life insurance corporation". Other insurance company may different rules.
prabhakar singh
(Expert) 07 November 2011
No doubt can be caste on this observation of expert mahendrakumar that like others an insurance is also the matter of contract
and hence it would depend upon the terms of policy.
That should be any body answer.
I answered a flat no based on experience as in none of my policies sold by LIC long back incorporated any such term and i was misguided by that by that experience.
The next was lack of IQ on my part that things change.Now the business has competition which it then did not have and also there was no regulator at then.
So it PROVES OLD IS NOT ALWAYS GOLD.
AND MAHENDRAKUMAR IS RIGHTLY AGITATED OVER ME.
Shonee Kapoor
(Expert) 07 November 2011
:-) I agree with Ld. Mahender Kumar and it would also depend how old is the policy.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
N.K.Assumi
(Expert) 07 November 2011
Hmmmmmmm very interesting query indeed.
ajay sethi
(Expert) 07 November 2011
ligfe insurance corporation has this clause in its policies
Suicide:
The policy shall be void, if the Life Assured commits suicide (whether sane or insane at the time) at any time or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of the policy.
prabhakar singh
(Expert) 07 November 2011
THANKS !MR.SETHI!
YOU SAVED MY BOAT FROM SINKING.
I HAVE ALREADY SURRENDERED
TO THE PERSONAL ADVISE ADVANCED TO ME BY MOST
LEARNED EXPERT ON THE SITE MR.mahendrakumar.
sridhar pasumarthy
(Querist) 07 November 2011
Thanks a lot to Sri Mahendrakumar and Sri Ajay Sethi.
To err is humane. The statement made by Sri Prabhakar Singhji after realising the legal position, proves his fairness, boldness and frankness.
Thank you all.
mahendrakumar
(Expert) 08 November 2011
The most lovely thing,I have noticed about Mr.Prabhakar Singh is ,your admission of mistakes/errors(only very rarely you give such situations,as most of your observations in this forum were very informative and authentic).
I am sorry,if I had any way hurt you by my previous observation.
Advocate. Arunagiri
(Expert) 08 November 2011
If the death occurs by suicide, if that happens after 1 year from the date of commencement of the policy, the claim is maintainable.
