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Assign policy to new owner

An absolute Assignment is a transfer of ownership from the Assured (Assignor) to another person or institution (Assignee). The Assignee becomes the new owner of the policy and assumes full legal rights over the policy. All proceeds, including surrender, maturity and claims, will be payable to the Assignee.

You can assign the policy if

 

1. the policy

- is not using CPF/SRS monies for premium payments

- is not effected under trust

- is not used to be exempted from CPF Board's Home Protection Scheme (HPS)

- is allowed to be assigned under the plan

 

2. both Assignor and Assignee are

- of sound mind

- not bankrupt

- not under duress

 

3. The Assignor must be at least 18 years old. For policies issued on or after 1 September 2009, the Assignee must be at least 18 years old. For policies issued before 1 September 2009, the Assignee must be at least 21 years old.

Both the Assignor and Assignee must come to our Customer Service Centre at 1 Pickering Street, #01-01 Great Eastern Centre, with their NRIC.

If the assignment is done between spouses, or parent and child, or siblings, and relationship can be established by producing the marriage certificate or birth certificate, they need not be present at our Customer Service Centre.

Please complete the Absolute/Collateral Assignment form. Additional documents required are stated on the overleaf of the form.

Yes, you can assign to a company or institution.

Both the Assignor and Assignee must come to our Customer Service Centre at 1 Pickering Street, #01-01 Great Eastern Centre, with their NRIC (if the relationship between them is buyer and seller).

Please complete the Absolute/Collateral Assignment form. Additional documents required are stated on the overleaf of the form.

For an assignment to a company or institution, a company stamp is required on the assignment form.

No. Once 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.