If the insured person, whether sane or insane, commits suicide, the LIC’s New Endowment Plan becomes void. If a person commits suicide within a year of purchasing a life insurance policy, LIC will only pay out 80 percent of the premiums paid if the policy is still active. If the individual does so within a year of the policy being revived, LIC will only pay out 80 percent of the premiums paid up to the date of death.