| |
Claims
Care
We understand how difficult it is to cope with a crisis or losing
a loved one. We, at Great Eastern, want to make it easier for you
to manage the crisis or loss.
Legal Information
These are some information pertaining to legislations affecting
the settlement of insurance proceeds.
| |
 |
Insurance Act (Cap
142)
Section 61 of the Insurance Act states that the insurer
may make payment to any proper claimant up to $150,000 of
the policy moneys of all such policies issued by the insurer
on the deceased’s life without the production of any
Grant of Probate or Grant of Letters of Administration.
A proper claimant can be
the executor of the deceased, or who claims to be entitled
to that sum (whether for his own benefit or not) and is the
widower, widow, parent, child, brother, sister, nephew or
niece of the deceased.
Probate or Letters of Administration
The Grant of Probate or Grant of Letters of Administration
is required for the payment of policy moneys if there is more
than $150,000.
If the deceased had made a will, an executor/executrix would
have been appointed to administer his estate. The executor/executrix
will have to apply for the Grant of Probate in order to administer
the distribution of the deceased’s estate according
to the deceased’s directions in the will.
If the deceased has not made a will, the next-of-kin of the
deceased will have to apply to the court for the Grant of
Letters of Administration. The appointed administrator/administratrix
will be responsible for the distribution of the deceased’s
estate according to the Intestate Succession Act.
The Grant of Probate or Grant of Letters of Administration
can be applied for in the Subordinate Courts if the value
of the deceased’s estate is below S$3 million. If the
value of the estate exceeds S$3 million, the application has
to be made in the High Court.
A number of documents have to be prepared for to accompany
the petition for the Grant of Probate or Grant of Letters
of Administration. These can be filed after the payment of
stamp fees. The Petition for Grant of Probate or Grant of
Letters of Administration will be granted if the documents
are in order. The estate duty needs to be settled after the
grant of the Petition.
The Grant of Probate or Grant Letters of Administration can
only be extracted when the Commissioner for Estate Duties
has certified that no estate duty is payable or that the estate
duty has been paid or that the payment of estate duty can
be postponed.
The extraction of the Grant of Probate or Letters of Administration
may take 6 months or more, depending on the complexities of
the matter.
If you need further advice, please check with your solicitor.
You may also contact the following solicitor for advice:
M/s Maurice Lee & Tan
Tel: 6353 4700
Fax: 6342 2337
Contact Person: Ms Tan Wee Nee/ Mr Maurice Lee
|
|
|
Intestate
Succession Act (Cap 146)
The distribution of the movable property of a person
deceased shall be regulated by the law of the country in which
he was domiciled at the time of his death. However, the distribution
of the immovable property of a person deceased shall be regulated
by this Act wherever he may have been domiciled at the time
of his death.
Rules for distribution
|
Survived by |
Distribution |
| Spouse, no issue, no parent |
Spouse receives 100% |
| Spouse, issues |
Spouse receives 50%, issues receive 50% in equal shares |
| Spouse, parents, no issue |
Spouse receives 50%, parents receive 50% in equal shares |
| Parents only (no spouse, no descendants) |
Parents receive equal shares |
| Siblings only (no spouse, no descendants, no parents) |
Brothers and sisters and children of deceased brothers
or sisters of the intestate shall share the estate in
equal shares |
| Grandparents (no spouse, no descendants, no parents,
no siblings) |
Grandparents receive equal shares |
| Uncles and Aunts (no spouse, no descendants, no parents,
no siblings, no grandparents) |
Uncles and Aunts receive equal shares |
| None of the above |
The Government of the Republic of Singapore |
| Notes: |
|
- |
"Child"
means a legitimate child and includes any child adopted
by virtue of an order of court under any written law
for the time being in force in Singapore, Malaysia or
Brunei Darussalam. |
|
- |
"Intestate"
includes any person who leaves a will but dies intestate
as to some beneficial interest in his property. |
|
- |
"Issue"
includes children and the descendants of deceased children. |
|
- |
Nothing in this Act shall apply
to the estate of any Muslim or shall affect any rules
of the Muslim law in respect of the distribution of
the estate of any such person. |
|
| |
|
Estate
Duty Act (Cap 96), Section 7
Section 43 (2) of the Estate Duty Act states
that no sum payable on a policy of life assurance, upon which
estate duty is leviable in Singapore, shall be paid by or
on behalf of any life assurance company unless the sum secured
by the policy is included in the schedule of the property
of the deceased.
The
following clauses under Section 7 of the Estate Duty
Act (Cap 96) explain situations whereby Estate Duty
is payable for moneys payable under the deceased’s
policies: |
| (f) |
money
received under a policy of assurance effected by the
deceased on his life where the policy is wholly kept
up by him for the benefit of a donee, whether nominee
or assignee, or a part of such money in proportion to
the premiums paid by him, where the policy is partially
kept up by the deceased for such benefit.” |
| (g) |
any annuity or
other interest purchased or provided by the deceased
either by himself alone or in concert or by arrangement
with any other person, to the extent of the beneficial
interest accruing or arising by survivorship or otherwise
on the death of the deceased.
|
| Section 14(4)(b) also states
|
| (g) |
Estate duty shall
not be payable in the case of a person dying on and
after 28th February 1996, to the extent of $600,000
of the aggregate value of all other property (including
CPF money and money received under a policy of assurance)
but not dwelling houses (residential property whether
landed or otherwise, totally used for habitation and
nothing else). |
Visit www.iras.gov.sg
to find out more about the Estate Duty Act and criteria
to qualify for exemptions from Estate Duty.
|
| |
|
Section
73 of the Conveyancing and Law of Property Act (Cap 61)
A policy of assurance effected by any person
on his/her own life and expressed to be for the benefit of
his spouse or/and of his/her children, shall create a trust
in favour of the objects therein named, and the moneys payable
under any such policy shall not, so long as any object of
the trust remains unperformed, form part of the estate of
the insured or be subject to his or her debts.
The insured may, by the policy
or by any memorandum under his or her hand, appoint a trustee(s)
of the moneys payable under the policy, and from time to time
appoint a new trustee(s) thereof, and may make provision for
the appointment of a new trustee(s) thereof and for the investment
of the moneys payable under any such policy. In default of
any such appointment of a trustee, the policy immediately
on its being effected shall vest in the insured and his or
her legal personal representatives in trust. |
| |
|
Public Trustee
Office
Visit http://www.minlaw.gov.sg
(Select the Department “Insolvency & Public Trustee’s
Office (IPTO)”) for information on assistance available
for administration of estate less than $50,000.
The IPTO provides services
for administration of estates of deceased persons under the
specific legislation. This website provides information on
the scope and procedures of the services provided by IPTO.
|
| |
|
|
Medical Information
Visit the following websites to learn more about the different
kinds of medical conditions and health issues. |
| |
|
http://www.MedicineNet.com
The website provides a search engine that allows you to find
information about the different medical conditions. |
|
|
http://www.sma.org.sg
(Select the category “Health”)
The Singapore Medical Association (SMA) is the national organization
representing the majority of medical practitioners in both
the public and private sectors. This website features a variety
of health articles by doctors from different specialisations. |
| |
|
http://www.hpb.gov.sg
The Heatlh Promotion Board (HPB) aims to create a conducive
environment for leading a healthy lifestyle and be a centre
of excellence for health promotion. This website provides
easy access to a variety of health information and preventive
health services.
|
| |
|
|
Rehabilitative
Information
Visit www.ics.com.sg
to find out about the different kinds of rehabilitative/post-hospitalisation
services.
The Integrated Care Services (ICS)
assists to register, manage and coordinate referrals to nursing
homes and chronic sick facilities. It also works closely with the
regional hospital's geriatric teams and community-based managers
to provide a seamless flow of care from hospitals, community hospitals
to the nursing homes or community. This website provides information
on the different kinds of step-down care facilities available.
top
Financial
Information
Visit www.mcys.gov.sg
to find out information on available financial assistance and eligibility
criteria.
The Ministry of Community Development,
Youth and Sports (MCYS) partners voluntary welfare organisations,
private companies, and other organisations to make available financial
and social support services to those in need. This website includes
information on several available schemes to help individuals and
families in financial distress.
top
Employment
Information
Visit www.bizlink.org.sg
to find out how you can obtain assistance in getting a job placement
following a disability.
Bizlink Centre Singapore Ltd provides job-matching services for
people with disabilities, between the age of 16 and 60, and suitable
for open employment. It also provides follow-up services to help
these people adjust to their workplace and cope with their work.
This website provides details of the scope of services provided
by Bizlink and how you can contact them to obtain the required assistance.
top
Caregiving
Information
Visit www.er.com.sg
for more details on services and equipment available for care of
discharged patients at home.
The ER Ambulance & Services
Pte Ltd provides medical transportation and healthcare services
that is readily accessible and affordable.
top
Disclaimer
The Great Eastern Life Assurance Co. Ltd.
will not be held responsible for any losses or damages which may
arise from the use of the above information and services.
|
