Can You Claim Death Benefit Life Insurance Plan on Suicides case?

Can You Claim Death Benefit Life Insurance Plan on Suicides case?
In Malaysia, the 2017 National Health and Morbidity Study found there was a rising trend in suicide among youths aged 13 to 17, and in 2017 about 10 per cent had suicidal thoughts compared with 7.9 per cent in 2012. Study showed that the depression rate (among those in the age group) is 18.3%, where one in five has depression; two in five, anxiety; and one in 10 suffer from stress.
The main causes of suicide in Malaysia were

  • Financial problems, Poverty
  • Depression
  • Drug and alcohol abuse
  • Mental problems
  • Stress
  • Job loss
  • Studies Stress
  • Relationship problems.

According to the World Health Organisation (WHO), suicide is among the top 10 causes of death in the world, and is the second highest cause of death among people aged between 15 and 29. Each suicide, it was estimated that about 20 family members and friends would be impacted emotionally, socially and economically. 
Can people claim Death Benefit Life Insurance Plan on Suicides case?
As above mentioned, it suicide will affects 20 family members and friends in term of emotional or economical. For instant, family might lost a source of household income, and family member need to gather funds for the funeral (estimated from 5,000 to 10,000 minimum). In the recent case, a man collapse and died at Rompin while walking back to Kuala Terengganu from Segamat, Johor, when hospital contacted his family, but they are unable to afford the cost of handling the body, which starts at RM1,500.
Can you claim Death Benefit Life Insurance on Suicide case?
Death due to suicide within 1 year from the issue date or commencement date, whichever is later, Shall be limited to the refund of the FUND VALUE together with the total premium charge and Policy Charges deducted from the issue date or commencement date, which ever is later. Thereafter, the policy shall be terminated. (Based on Insurance Policy)
You can not commit suicide the next day or within a year after you had bought Life Insurance. Why they policy set as per? I think 365days is enough for a person to change his mindset or change his financial condition, after a year, he/she might not have the thought of commit suicide. That’s great news.
But, if after 365days of Life Insurance issue date or commencement date, the person still commit suicide in the end, he can claim the death benefit (depends of death condition and T&C)
Let us be a part of those who can help these people choose life, for there is hope and assistance available. Let’s prevent suicide together.
If you wish to plan your estate before any tragedy happens, you can start your Will Writing NOW with professional Will Writer.

Who had issues or were contemplating suicide were advised to contact the 24-hour Befrienders hotline at 05-547 7933 (Ipoh), 04-281 5161 (Penang) or 03-7956 8144 (Klang Valley).

What you gonna say about it?