Absolute assignment of life insurance policy - NTUC Income
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Transfer of Ownership
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Absolute Assignment is the legal transfer of all rights and benefits of a policy from the current policy owner (Assignor) to the new policy owner (Assignee).
Transferring of policy ownership is one of the provisions of a life insurance plan. Below are the assignment forms from the insurance company.
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- Customer Services
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- Policy Assignment
- Assign Policy to New Owner
Assign policy to new owner
Assigning a policy to a new owner, also called an absolute assignment, is a transfer of ownership from the assured (assignor) to another person or company/institution (assignee).
The assignee becomes the new policy owner and assumes full legal rights over the policy. All proceeds, including surrender, maturity, and claims will be payable to the assignee.
A policy can be assigned if both assignor and assignee are of sound mind, not bankrupt or under duress, and if the policy is:
- Not using CPF/SRS funds for premium payments
- Not effected under trust
- Not used to be exempted from CPF Board's Home Protection Scheme (HPS)
- Allowed to be assigned under the plan
Additionally, the assignor must be at least 18 years old. For policies issued on or after 1 March 2009, the assignee must be at least 18 years old. For policies issued before 1 March 2009, the assignee must be at least 21 years old.
How to assign a policy to a new owner
Both the assignor and assignee must come to our Customer Service Centre at the following address with their NRICs:
1 Pickering Street Great Eastern Centre #01-01 Singapore 048659
If the assignment is made between spouses, parent and child, or siblings, and relationship can be established by producing a marriage or birth certificate, they need not be present at our Customer Service Centre. You can call our Customer Service Officers at 1800 248 2888 for assistance in making the assignment.
Questions and Answers
No. Once a policy is absolutely assigned, the policy ownership will belong to the assignee. However, the policy ownership can be transferred back to you provided the assignee agrees to it. A new assignment will need to be done.
You can still assign the policy if the nomination made is a revocable nomination. The revocable nomination will be automatically revoked once the policy is assigned. If the policy has a trust nomination, the trust nomination will have to be revoked before you make an assignment.
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Find the full list of policy documents and forms needed for all Income Insurance policies, savings plans and claims.
An absolute assignment is the transfer of a life policy to another person. Once the policy is assigned, the assignor (policy owner) loses all rights to benefits under the policy.
If the policy is assigned under absolute assignment[1], only the assignee can give the instruction to surrender and proceeds will be paid to the assignee. [1]An absolute assignment is the transfer of a life policy to another person. The person who transfers the policy is called the assignor.
An absolute assignment is the transfer of a life policy to another person. Once the policy is assigned, the assignor (policy owner) loses. all rights to benefits under the policy. The assignee will receive all future correspondence on the policy. All future benefits and/or. payment will be payable to the assignee.
An absolute assignment is the transfer of a life policy to another person. Once the policy is assigned, the assignor (policy owner) loses all rights to benefits under the policy.
An absolute assignment is the transfer of a life policy to another person. Once the policy is assigned, the assignor (policy owner) loses all rights to benefits under the policy.
a) Both the assignor(s) and assignee(s) must complete the Absolute Assignment Form properly and submit the original completed copy together with the mandatory documents to FWD. One assignment form is to be used for only ONE relevant policy. b) Mandatory documents to be submitted together with the Absolute Assignment Form:
If the policy is assigned under absolute assignment[1], only the assignee can give the instruction to surrender and proceeds will be paid to the assignee. [1]An absolute assignment is the transfer of a life policy to another person. The person who transfers the policy is called the assignor.
Below are the assignment forms from the insurance company. Transfer of Ownership, is also know as Absolute Assignment, is the legal transfer of all rights and benefits of a policy from the current policy owner (Assignor) to the new policy owner (Assignee).
Assigning a policy to a new owner, also called an absolute assignment, is a transfer of ownership from the assured (assignor) to another person or company/institution (assignee). The assignee becomes the new policy owner and assumes full legal rights over the policy.