Contact details and beneficiary nominations

For eligible policies, beneficiary nominations can be submitted digitally if both you and your attestors have Singapore Personal Access (Singpass) accounts.

Attestors will have a period of 7 days to sign, before the Nomination application expires.

If you have previously made a beneficiary nomination, we encourage you to log in to Prudential Singapore app or PRUServices (web) to review the details and update them if required. Otherwise, you can submit a new beneficiary nomination for your eligible policy(ies).

Step 1: Log in to Prudential Singapore app or PRUServices (web) and select the relevant policy from the homepage.

Step 2:

i) Review an existing beneficiary nomination

If you have previously made a beneficiary nomination for the selected policy, your beneficiary and trustee details will be displayed under the "Beneficiary & Trustee Details" section. Please review the information to ensure it remains accurate and up to date.

ii) Make a new beneficiary nomination or update an existing one

If you wish to make a new beneficiary nomination or amend your existing nomination details, select "More Services", then "Nominate Beneficiary", and follow the on-screen instructions to complete and submit your application.

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 benefits 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.

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 you have appointed in Form 1 or Form 3, please also submit the FATCA & CRS Self Certification Form for Individual Account Holder, together with the nomination form to Prudential Assurance Company Singapore (Pte) Limited.

A trustee who is an entity should complete the FATCA & CRS Self Certification Form for Entity Account Holder.

The FATCA & CRS Self Certification Form can be downloaded and printed at our Customer Forms webpage. One form is required for each trustee named in the Trust Nomination Form.

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.

More information on the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) can be found here.

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

Revocable Nomination under Section 49M of the Insurance Act 2009 is designed to allow the 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.

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.

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.

The notification is a general reminder and does not mean that your policies are affected. If your registered contact details are valid and you have already made a beneficiary nomination, where applicable,  no further action is required. 

There is no deadline to update your contact details or make a beneficiary nomination. However, we encourage you to keep your contact details updated so that you can continue receiving important policy communications.

Where applicable, you may make a beneficiary nomination at any time to help ensure policy benefits are distributed to your intended nominee(s) without unnecessary legal processes.

For more information on the importance of beneficiary nomination, please visit the Life Insurance Association of Singapore website at: Why naming a Beneficiary matters.

Policies that meet the following criteria will be eligible for nomination of beneficiary:

• The policy must have death coverage. 
• The policy must be in-force or paid-up. 
• The policy must not have a joint owner, lasting power of attorney arrangement, trustee or assignee. 
• The policyholder must be aged 18 and above.  
• The policyholder must not be a bankrupt. 
• The policyholder must not be a corporate client. 
• The policyholder must be the only Life Assured.

Nomination of beneficiary is not compulsory. However, it allows you to indicate how policy benefits should be distributed to your nominee(s). Where a valid nomination is in place, the insurer may distribute the benefits without requiring a Grant of Probate or Grant of Letters of Administration, which may involve fees and longer processing time.

For enquiries relating to Prudential Singapore app or PRUServices (web), please refer to the PRUServices FAQ.