Assignment of Policy
Assignment of Policy
Assignment of a life insurance policy means transfer of rights from one person to another. You can transfer the rights on your life insurance policy to another person/entity for various reasons. This process is referred to as Assignment and is governed under Policies of Assurance Act (Chapter 392).
The person who assigns the insurance policy is called the Assignor (policy owner) and the one to whom the policy has been assigned, i.e. the person to whom the policy rights have been transferred is called the Assignee.
Once the rights have been transferred from the Assignor to the Assignee, the rights of the policy owner terminates and the assignee becomes the owner of the insurance policy. Under Singapore law, only the Assignee can give a valid discharge of all payment obligations to the insurer.
A notice of assignment must be given to the insurer at its principle place of business, and the date on which such notice was received shall regulate the priority of all claims under any assignment.
Once Prudential Assurance Company Singapore (Pte) Ltd (“Prudential”) has acknowledged receipt of your assignment deed, all future correspondence on your policy will be sent directly to the assignee. Any future dealings with the policy (e.g. surrender of policy) will require only the assignee's consent and any payment on the policy will be paid to the assignee whose receipt will be a valid discharge to Prudential.
If the premiums of the policy are not paid, whether by the assignor or the assignee, the policy may lapse. In the event that the policy is lapsed, the assignee will not be entitled to any benefits under the policy.
Who can assign policy?
Only the policy owner of the life insurance policy can assign the policy.
If the assignor (i.e policy owner) is a natural person, he/she must have attained at least 18 years of age to assign a policy. The assignee, as a natural person, must also have attained at least 18 years of age at the assignment.
How to assign a policy?
You must use relevant assignment form.
While Prudential has assisted in preparing the assignment form, Prudential does not accept legal responsibility for the appropriateness of the assignment or its wordings or the effectiveness of the assignment or any other legal or tax consequences of this document in relation to any particular policy. If you have any doubts, you should consult a lawyer.
Both assignor and assignee must read all instructions and notes stated in the assignment form before completing it with utmost due care. Only original copy of the duly completed Deed of Absolute Assignment can be registered.
The policy to be assigned must be in force and must not be subject to any Trust Nomination or under Housing Protection Scheme purposes at the time of the assignment.
With effect from 1 Jan 2017, Assignee must complete FATCA AND CRS SELF-CERTIFICATION FORM* for onboarding purpose.The form can be downloaded via Customer Form.
*FATCA AND CRS SELF-CERTIFICATION FORM FOR INDIVIDUAL ACCOUNT HOLDER / ENTITY 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. The assignee is required to complete relevant FATCA AND CRS SELF-CERTIFICATION FORM.
|1||Notice of Assignment for assignment between individual and/or bank/society/charitable organization/ business entity||Download|
|2||Deed of Absolute Assignment (Single assignor to Single assignee, both natural persons)||Download|
|3||Deed of Absolute Assignment (Single Assignor to Joint Assignees, all natural persons)||Download|
|4||Deed of Absolute Assignment (Joint Assignors to Single Assignee, all natural persons)||Download|
|5||Deed of Absolute Assignment (Joint Assignors to Joint Assignees, all natural persons)||Download|
Where to submit the notice of assignment?
You must submit the completed assignment form and mandatory requirements/documents to Prudential Assurance Company Singapore (Pte) Limited at its principle place of business via one of 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 Marina One The Heart #01-18/19, 5 Straits View Singapore 018935
If you have any enquiry, please call your financial consultant or our PRUCustomer Line at 1800 333 0 333 or email us at [email protected]