You may nominate any individual to receive or manage the policy moneys. Nomination of an organisation/company is not allowed.
Why Is Nomination Important?
Life is full of uncertainties. Making a nomination helps ensure that your intended beneficiaries can receive your policy benefits according to applicable regulations and your wishes.
A nomination allows you to name one or more individuals to receive your policy benefits upon your passing.
How To Make Or Update Your Nomination
Frequently Asked Questions
Nomination is the process of naming of a person to receive or to manage the policy moneys upon the death of the Life Assured. The policy must be on a person’s own life.
Nomination can be performed at the point of application at any time or throughout the term of the policy.
Yes, you can nominate more than one nominee and state the specific share to which each nominee would be entitled to the policy moneys. If you do not specify the shares to be paid to each nominee, the policy moneys will be distributed to each nominee in equal share.
The purpose of nomination is to ensure that the policy moneys can be paid much faster without the need to obtain a Grant of Probate, Letters of Administration or Distribution Order and your loved ones can access the policy moneys quickly.
Policyholder to complete and submit a Trust & Nomination Form (Form ID 11301006). At the point of nomination, supporting documents may be required if:
- the nominee exists in our record and nominee’s details stated on the form differs from our record; or
- there is revocation of existing nominee.
When a Policyholder makes a Nomination, he/she continues to be the owner of the policy. The nominee is only entitled to the policy moneys when the Policyholder dies.
Yes.
Trust will be created under Schedule 10 of the Financial Services Act (FSA), when the following criteria are met: • at the time of nomination, the Policyholder is a non-Muslim; and • at the time of nomination, the nominee is as follows:
| Marital Status of the Policyholder at the point of Nomination | Nominee(s) |
|---|---|
| Single | Father and/or Mother |
| Single with child | Children |
| Married with child | Spouse and/or Children |
| Married without child | Spouse |
| Divorcee/Widow without child | Father and/or Mother |
| Divorcee/Widow with child | Children |
In the absence of a Trustee appointed by the Policyholder, the nominee(s) above will be presumed to be the Trustee of the policy (“Statutory Trustee”). For easy reference, the trust created under Schedule 10 of the Financial Services Act (FSA) will be known as “Statutory Trust” in this document.
The trustees must act in the best interest of the nominees at all times. Upon the demise of the Policyholder, the trustee’s duties would be to receive the policy moneys and distribute it to the nominees accordingly. Policyholder can only deal with the policy, after obtaining the trustee’s written consent.
