Always-online Pty Ltd took out a policy on the life of James. Always-online Pty Ltd has been paying the premium of R18,500 per annum for the past 3 years. Sadly, James passed away and the policy proceeds of R2,750,000 were paid out to the company. What amount of cover (if any) will be deemed property in James's estate? Choose the correct answer (rounded).
a. R2,200,000
b. R2,687,570
c. R0 because the policy proceeds were paid to the company and are not included in the estate
d. R2,750,000
e. None of the above