About insurance
Querist :
Anonymous
(Querist) 05 June 2010
This query is : Resolved
Dear sir,
My friend have a loan problem. He is govt transport employee. Loan amount is not equal to his assets. now he try to suicide attempt. If suicide cases eligible for insurance claim?
A V Vishal
(Expert) 06 June 2010
No in case of suicide, the family of the deceased does not get the insurance.
Kiran Kumar
(Expert) 06 June 2010
dear suicide can not be insured :(
mahendrakumar
(Expert) 06 June 2010
if the said policy was assigned in favour for the amount of loan taken as a collteral security, and a period of 3 months has elapsed since such assignment,claim will be paid to the tune of actual sum assured or the loan amount whichever is less.
Further,even for suicide,insurance claim would be paid to the nominee provided,the suicide is committed after one year of taking the policy.(This is as per LIC policy conditions and i am not sure about private insurance companies stand in this regard)
Surrender K Singal
(Expert) 06 June 2010
For private Insurer, IRDA could be contacted for advice / guidance !
B K Raghavendra Rao
(Expert) 06 June 2010
Suicide cases are not eligible for insurance claim. On the contrary, the person who attempts suicide is liable for penal action for having committed the offence.
Querist :
Anonymous
(Querist) 07 June 2010
thank u sir
mahendrakumar
(Expert) 07 June 2010
all LIC policies are issued with a suicide clause stating that the claim will not be available before one year of the date of commencement.
as i stated above,claim is paid,if suicide is committed after one year.
anyone having doubt about the same could check up the correctness from the nearest LIC office.
the logic behind one year lien is that nobody plans his/her suicide one year early and commit the same one year later, as most of the suicide cases are done on momentary impulse.
Querist :
Anonymous
(Querist) 08 June 2010
ok sir,
thanks.
