What is an absolute assignment?
An absolute assignment is a transfer of ownership of an insurance policy from the policy owner ("Assignor") to another individual or entity ("Assignee"). With the transfer, the Assignor will lose all rights over the policy and the Assignee will become the new policy owner.
After an assignment is registered by us, all correspondence relating to the assigned policy will be sent to the Assignee and the Assignor will no longer be able to access information on the policy.
How do I effect an absolute assignment?
You can assign your policy by executing a deed of assignment and providing us notice of the assignment. To do so, both the Assignor and the Assignee must come to our Customer Care Center with your identification and other relevant documents.
If the assignment is done between spouses or parent and child, a certified true copy+ of the marriage certificate or birth certificate can be submitted to us, and the parties need not be present at our Customer Service Center.
Our office address is 1 Raffles Place #46-00 One Raffles Place Tower 1 Singapore 048616 and we are open 9.00am to 5.30pm, Mondays to Fridays (excluding Public Holidays).
What are the documents required?
- Original policy documents
- Assignor's NRIC/ passport
- For an Assignee who is an individual:
- Assignee's Singapore NRIC or passport and proof of address#
- Completed Foreign Account Tax Compliance Act (FATCA) / Common Reporting Standard (CRS) INDIVIDUAL SELF-CERTIFICATION FORM
- For an Assignee that is an entity registered or incorporated in Singapore:
Documents Required Sole Proprietorship owned by an individual Sole Proprietorship owned by an entity Partnership Private Limited Company Club, Society or Association Certified true copy+ of:
- NRIC (Singaporeans and Singapore permanent residents); or
- passport and proof of address# (foreigners),
ACRA Business Profile or Certificate of Registration Certified copy of Constitution (signed by at least 2 directors or a director and secretary*) Certified copy of By-laws (signed by at least 2 office bearers entrusted with different functions, e.g. chairman and secretary*) Board Resolution (signed by at least 2 directors or a director and secretary*) Resolution or Minutes of Meeting of Management Committee authorising the assignment and appointment of authorised signatories (signed by at least 2 office bearers entrusted with different functions, e.g. chairman and secretary*) Certified list of office bearers or certified Minutes of Meeting reflecting list of office bearers (signed by at least 2 office bearers entrusted with different functions, e.g. chairman and secretary*) Certified copy of Limited Liability Partnership Agreement
(for limited liability partnership only)
Copy of latest audited accounts Completed Foreign Account Tax Compliance Act (FATCA) / Common Reporting Standard (CRS) INDIVIDUAL SELF-CERTIFICATION FORM Completed Foreign Account Tax Compliance Act (FATCA) / Common Reporting Standard (CRS) ENTITY SELF-CERTIFICATION FORM
- For an Assignee who is not an individual and is not one of the entities listed above, please contact us for the documentary requirements.
- If the policy is to be held in trust, our Trust Declaration form must be completed.
- For premium payment via GIRO (if any), a fresh GIRO application from the Assignee's account is required.
- For premium payment where the Payor is not the Assignee, certified true copy+ of Payor's NRIC or passport.
- Certified true copy+ of marriage or birth certificate if the assignment is done between spouses or parent and child respectively, and not witnessed by our customer service staff.
How do I obtain a copy of the assignment forms or find out more?
If you would like a copy of the Deed of Assignment and/or the Notice of Assignment forms or more information on making an absolute assignment, please call our Customer Care Hotline at +65 6727 4800, between 9.00am and 5.30pm from Mondays to Fridays (excluding Public Holidays) or send us an email at CustomerCare@chinalife.com.sg