News From Press IRDAI relaxes repayment terms in suicide cases within 12 months

IRDAI relaxes repayment terms in suicide cases within 12 months

Earlier, in case of the policyholder's death by suicide, during the first year of policy issuance, there were no regulatory provisions for any refund to a policyholder.

Financial Express Jul 23, 2019

Good news for policyholders. Earlier, there were no regulatory provisions for any refund to a policyholder, during the first year of policy issuance, in case a person committed suicide, and life insurers could have legitimately denied any payment of claims to the beneficiaries of such a life insurance policyholder during that period.

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