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In the event of an insured person committing suicide any time after the date of acceptance of the policy (whether sane or insane at that time) and after having paid his first premium in full but not after expiry of two years from such date of acceptance or payment of first premium whichever is later, the policy shall become void and no claim whatsoever shall be entertained by the department by the virtue of the said policy except to the extent of the bonafide beneficial interest which any person (other than the life assured) shall have acquired in the said policy for valuable consideration for which one calendar months notice, before the death of insured person, should have been given to the Director General of Posts or Postmaster General concerned on his behalf; and provided further that sufficient proof shall have to be produced in regard to having acquired such interest in the policy to the satisfaction of the Director General of Posts or Postmaster General.
