Event 2: Nominations

  1. Who can make a nomination?
    Only a policyowner of the insurance policy can make a nomination.
    Muslim policyowners are not disallowed from making revocable nominations. However, they should be made aware that such nominations are subject to Muslim law. The insurer would be discharged from all liabilities as long as it makes payment to the beneficiary recognised under the Insurance Act, but that beneficiary may be required to hold the monies in trust for the beneficiaries recognised under the Muslim law.

  2. What you need to do before making a nomination?
    Before you make a nomination or create a trust, change or revoke them under the Insurance Act, please ensure that you have read and understood the information provided in Your Guide to Nomination of Insurance Nominees 2015 (NOB Guide).
    Speak to our consultants on your policies nomination.

  3. How do you make a nomination?
    a) Making a nomination : You must complete the prescribed nomination form and submit the original completed form to the relevant company for registration. There are 6 forms prescribed under the Insurance Act, Insurance (Nomination of Beneficiaries) Regulation 2009.
    – Form 1 [Trust Nomination]
    – Form 2 [Revocation of Trust Nomination]
    – Form 3 [Appointment, or Revocation of Appointment, of Trustee of Policy Moneys]
    – Form 4 [Revocable Nomination]
    – Form 5 [Revocation of Revocable Nomination]
    – Form 6 [Notice of Revocation of Revocable Nomination]

    Note :
    *You must read all instructions and notes stated in the nomination form before completing it with utmost due care.
    *Only original copies of the nomination form can be registered.
    *You must countersign any amendments made by you, otherwise the nomination is invalid and Prudential will not be bound to accept and register the nomination made using the nomination form.

    b) Mandatory documents to be submitted with your nomination form – where an entity is appointed as beneficiary, you must also submit the following together with the nomination form :
    If the Beneficiaries are business entities or charitable organizations
    – Copy of beneficiary’s Registration of Company (ROC) / ACRA Search / Registration of Society.

  4. Where do you submit your nomination form?
    You must submit the completed nomination form and copies of identification documents of your beneficiaries to us and we will help you with the rest.