What is the definition of Suicide Exclusion Provision?
The Suicide Exclusion Provision included in a life insurance policy declares that the insurance company will not pay for death benefits in the event that the insured commits suicide and dies as a result of that act.
This prevents people who intend to commit suicide (and who want beneficiaries to benefit from it), to buy insurance policies. Life insurance is designed in such a way that the insured person has a vested interest in prolonging his life, and not in ending it.
Thus the suicide exclusion provision is applicable only within a stated period (usually one or two years). This waiting period will start from the day the policy is issued. After that, the insurance company will have to pay for death benefits even when the cause of death is suicide.
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