For third party applications, the policy owner will receive the claim amount if the person insured dies.
If the policy owner is also the person insured and he has nominated his beneficiaries, we will pay the claim amount to the beneficiaries.
If no beneficiaries have been nominated, the legal estate will have to get a letter of administration or grant of probate (if a will was made) so that the claim amount can be paid to the legal estate.
Alternatively, we may also pay up to S$150,000 to a proper claimant under Section 150 of Insurance Act 1966.
For a corporate-owned policy, we will pay the claim amount to the company.