148. Life policy moneys to be paid without deduction

Subject to section 150, any policy moneys payable under a life policy or moneys payable on the surrender of a life policy must be paid without any deduction for sums not due under the policy or under an agreement charging them on the policy, unless the deduction is made with the consent of the person entitled to those moneys; and any provision contained in a life policy or in any agreement relating thereto is void, insofar as it entitles the insurer to make any such deduction without that consent.

Subsection (1) applies to all Singapore policies, but does not apply to any other policy issued before 1 January 1967.

In any proceedings for the recovery of policy moneys due under the life policy or of moneys payable on the surrender of a life policy, no set‑off or counterclaim is allowed except for sums due under the policy or under an agreement charging them on the policy.[59