LIC Policy Suicide Clause Details.

Following are the details of LIC Policy Suicide Clause for various policy sold by Life Insurance Corporation of India. In case if Death claim arises as a result of Suicide the following terms and condition will be applicable:-

1. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is in force.
2. If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums, if any,) or the surrender value, provided the policy is in force, shall be payable. The Corporation will not entertain any other claim under this policy.
3. For policy under LIC’s Single Premium Endowment, Plan No 917 – The policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid excluding taxes and any extra premium paid.

Suicide Clause for LIC Jeevan Shanti Policy:

For Immediate Annuity (applicable only for Option F and J):

The policy shall be void if the Annuitant/Primary Annuitant/Secondary Annuitant (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, an amount which is higher of 100% of the Purchase Price paid or Surrender Value shall be payable. The Corporation will not entertain any other claim.

For Deferred Annuity:

The policy shall be void if the Annuitant/Primary Annuitant/Secondary Annuitant (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, an amount which is higher of 80% of the Purchase Price paid or Surrender Value shall be payable. The Corporation will not entertain any other claim.

Suicide Clause for LIC ULIP Plans:

If the Life Assured commits suicide within 12 months from the Date of Commencement of Policy, the nominee or beneficiary of the policyholder shall be entitled to the Unit Fund Value, as available on the date of intimation of death with a death certificate. The Corporation will not entertain any other claim by virtue of this policy and the policy shall terminate.

Any charges other than Fund Management Charges (FMC) recovered subsequent to the date of death shall be added back to the fund value as available on the date of intimation of death with a death certificate. Any Guaranteed Addition added subsequently to the date of death ( in case of delay in intimation of death claim) shall be recovered from the Unit Fund.

This clause shall not be applicable in case of Life Assured whose age at the time of entry is below 8 years i.e. if the age of the Life Assured is below 8 years on suicide, the death benefit as specified shall be payable.

Note: The above details are for information purposes only. For more authentic details about the LIC Policy Suicide Clause please visit the official LIC website or contact your nearest branch.