Making a Nomination

Nomination of Beneficiary

Under the Insurance Act, policyowners can nominate beneficiaries for their insurance policies at the time of buying a policy or at any time after the policy is issued. Policyowners will have a choice of either a trust nomination under Section 49L or a revocable nomination under Section 49M of the Insurance Act.

All of the following criteria must be met before a policyowner can consider making a nomination:

  1. The policy must be a life policy or an accident and health policy that provide death benefits, and
  2. The policy must be effected by the policyowner on his or her own life. The policyowner must be at least age 18 years to be eligible to make a nomination.

If the insurance policy falls under any of the following categories, nomination of beneficiary under the Insurance Act is not allowed.

  • The policy is purchased under the Minimum Sum Scheme (MSS)
  • The policy is effected by the policy owner to insure another life assured
  • The policy is placed on trust
  • The policy does not have a death benefit. eg. All PruShield plans

If you like to make a nomination, you must read and have understood Life Insurance Association (LIA), Singapore's "Your Guide to the Nomination of Insurance Nominees" before making any nomination.

 Download

Your Guide to the Nomination of Insurance Nominees (English)

 Download

Your Guide to the Nomination of Insurance Nominees (Chinese)

Please take note that Muslim policyowners may make either trust or revocable nomination over their life policies or accident and health insurance policies with death benefits. For more information, please refer to MUIS Religious Advisory on Revocable Insurance Nomination for Muslim Policyholders.

All the forms require Acrobat Reader software. Please download if necessary. Please read all conditions on the nomination forms.

 

Trust Nomination under Insurance Act Section 49L

Trust Nomination is not applicable to the following types of policies:

  • Policies funded by Minimum Sum Scheme (MSS).
  • Policies funded by CPF Investment Scheme (CPFIS)
  • Policies funded by Supplementary Retirement Scheme (SRS)

The restriction on making trust nomination for the above categories of policies also apply to Muslim policyowners.

Trust Nomination under Section 49L of the Insurance Act 2009 is designed for the sole benefit of the spouse and children of the policyowner. In the event of any bankruptcy, the policy proceeds are generally protected from creditors. You must name a trustee or trustees who are at least 18 years of age. The trustee or trustees whom you have named will ensure that the interests of your beneficiaries are met.

When you the policyowner make a trust nomination, you will lose all rights to the ownership of the policy. This means that all proceeds (living benefits and death benefits) from the policy now belong to the beneficiaries you named. While you are still obliged to pay the premiums for the policy, all the benefits of the policy belong to the beneficiaries.

You will need to get the written consent of the trustee ( who is not also the policyowner) or all beneficiaries ( for beneficiaries below 18 years old, the consent of the parent/legal guardian who is not the policyowner) before you may:

  • Make any changes to the policy that will affect the values of the policy
  • Revoke the Trust Nomination
  • Make withdrawals; take policy loan; request for fund switch, premium redirection
  • Increase or decrease sum assured,
  • Surrender the policy

While the policy is placed under a trust nomination under Section 49L of the Insurance Act Prudential Assurance Company Singapore (Pte) Limited will pay all insurance moneys due ( whether living benefits or death benefits ) in the following manner provided the nomination is not revoked:

  1. In a case where any trustee of the policy moneys is a person other than the policyowner, we will pay to
    • that trustee for the benefit of every beneficiary under that nomination; or
    • if there is more than one such trustee, any such trustee, for the benefit of every beneficiary under that nomination; or
  2. In a case where no surviving trustee is available at the time of payment, we will pay to
    • any beneficiary under that nomination who has attained 18 years old; and
    • a parent or legal guardian, not being the policyowner, of any beneficiary under that nomination who is below 18 years old; and
    • the personal representatives of the estate of any beneficiary under that nomination who is deceased
    Each payment not exceeding that beneficiary's portion of the living or death benefits.

Policyowner cannot unilaterally change the nomination(s) later on, even if your family circumstances have undergone change. All rights over the policy will be subjected to the terms and condition of the trust created. Given the inflexibility of a trust nomination, you should only consider making such a nomination if you are prepared to give away the insurance policy proceeds completely to the beneficiaries.

If you would like to make a trust nomination, please print and complete Form 1 [Trust Nomination]  Download
If you would like to revoke a trust nomination, please print and complete Form 2 [Revocation of Trust Nomination] Download
If you would like to appoint or revoke the appointment of trustees, please print and complete Form 3 [Appointment or Revocation of Appointment of Trustee of Policy Moneys] Download

Please read the instructions and notes in each of the forms carefully before completion. Only original completed forms can be submitted for registration.

For each of the trustees/beneficiaries you have appointed in Form 1 or Form 3, please submit the following together with the nomination form to Prudential Assurance Company Singapore (Pte) Limited:

  • A copy of his/ her identity card showing name, identity number, birth date and address; or
  • A copy of his/ her passport and any state issued document showing his/ her name and address
  • (With effect from 1 Jan 2017) Trustee(s) must complete and submit FATCA & CRS SELF-CERTIFICATION FORM FOR INDIVIDUAL ACCOUNT HOLDER. Trustee who is an entity should complete FATCA & CRS SELF-CERTIFICATION FORM FOR ENTITY ACCOUNT HOLDER for onboarding purpose. The form can be downloaded and printed from via Customer Form. One form is required for each trustee named in the Trust Nomination Form.

FATCA AND CRS SELF-CERTIFICATION FORM FOR ENTITY / INDIVIDUAL ACCOUNT HOLDER

Prudential Assurance Company Singapore (Pte) Limited (“Prudential”) is required to collect certain information about each person’s tax residency and tax classifications under applicable tax regulations, including the Singapore Income Tax Act (Chapter 134), the Foreign Account Tax Compliance Act (“FATCA”) and the OECD Common Reporting Standard for Common Exchange of Financial Account Information (“CRS”). We may be obliged to share information about the policy(ies) for which you are an Account Holder with the relevant tax authorities under certain circumstances.

We will notify you in writing upon the acceptance of your nomination.

If there is no application form available for any request you may have pertaining to nomination of beneficiary, then that request is not permitted.

Revocable Nomination under Insurance Act Section 49M

Revocable Nomination under Section 49M of the Insurance Act 2009 is designed to allow policyowner to nominate beneficiaries to receive death proceeds of the policy upon the death of the policyowner. All living benefits will be paid to the policyowner and only the death benefit is payable to the surviving beneficiaries. Under the Insurance Act Section 49M, if there is no surviving beneficiary, the revocable nomination shall be deemed to be revoked.

When you the policyowner make a revocable nomination, you will continue to retain full rights and ownership over the policy. This means that you can change or revoke a nomination at any time without the consent of the beneficiary or beneficiaries. All rights over the policy will be subjected to the terms and condition of the nomination created.

If you would like to make a revocable nomination, please print and complete Form 4 [Revocable Nomination form] Download
If you would like to revoke a revocable nomination, please print and complete Form 5 [Revocation of Revocable Nomination] Download
If you would like to revoke a revocable nomination via an Assignment or a Will, please print and complete Form 6 [Notice of Revocation of Revocable Nomination] Download

Please read the instructions and notes in each of the forms carefully before completion. Only original completed forms can be submitted for registration.

We will notify you in writing upon the acceptance of your nomination.

If there is no application form available for any request you may have pertaining to nomination of beneficiary, then that request is not permitted.

Other Trust Nomination Forms

You may find information about these Trust Nomination in your Policy Booklet under the section: What type of nomination/trust?. Please ensure you read and understand the terms and conditions before you make a decision to place your policy under a Trust.

1 Non Statutory Trust Download
2 Juvenile & Educational Trust Download
3 Supplemental Deed for Non Statutory Trust – for changes on Non Statutory Trust Nomination Download
4 Supplemental Deed for Juvenile & Educational Trust – for changes on Sec73 Trust Nomination or Juvenile & Educational Trust Nomination Download

Where do you submit your nomination form?

You must submit the completed original nomination form and copies of identification documents and mandatory requirements of your beneficiaries and trustees to Prudential Assurance Company Singapore (Pte) Limited via the following ways:

 

By Post to: Prudential Assurance Company Singapore (Pte) Limited Robinson Road P.O. Box 492 Singapore 900942
By Hand to: PruCustomer Centre at 30 Cecil Street, Prudential Tower, #01-01 Singapore 049712

 

If you have any enquiry, please call our PruCustomer Line at 1800 333 0333ˆ or you may also email us at customer.service@prudential.com.sg