Form 3 : Appointment or Revocation of Trustee
Instructions for Filling up the Prescribed Statutory Forms
With effect from 2 Jan 2024, the nomination of beneficiaries’ framework is governed by the Insurance Act and Insurance (Nomination of Beneficiaries) Regulations 2009.
The prescribed statutory forms must be completed in full in order to be valid and duly registered by us. Any statutory form that is not properly filled up and completed in full will be rejected. You are therefore advised to read the instruction notes set out in each statutory form. We would also highlight and draw to your attention our following instruction notes for your reading before filling up the statutory form.
1. Policy owner who has attained the age of 18 years may make a nomination.
2. Nomination must be submitted on the relevant statutory form. The statutory form must be properly filled up and completed in full.
3. The statutory form must clearly state the policy number. Where the policy number is not available, you can provide the plan name and basic sum insured of the plan.
4. A new statutory form must be completed in the event that there is any amendment and/or alteration. Initialling against an amendment/alteration is not allowed.
5. Statutory Form 1 must be signed by the policy owner in person in the presence of 2 appropriate signatories (who must make the declarations in Part 3). The date of signing this Form by policy owner and 2 appropriate signatories must be the same date.
6. Statutory Form 2 must be signed:
(a) by the policy owner;
(b) by either:
(i) any trustee of the policy moneys payable under the relevant policy specified in Part 1 (not being the policy owner); or
(ii) each nominee who attained age of 18 years and a parent or legal guardian (not being the policy owner) of each nominee who is below age of 18 years; and
(c) by 2 appropriate signatories, both of whom must either:
(i)witness the signing of this Form by the policy owner and each of the persons mentioned in (b)(i) or (b)(ii) (as the case may be) in person or by means of any audiovisual link, and make the declarations in Part 3 (date specified in this part must have same signed date as policy owner); or
(ii)without witnessing the signing mentioned (c)(i) and make declarations in Part 3 (date specified in this part must be within 7 calendar days starting on the signed date of the policy owner).
Note: Currently, electronic nomination form submission is not available. The option for “without witnessing” is not applicable for hard copy form submission.
7. Statutory Form 3 must be signed:
(a) by the policy owner; and
(b) by 2 appropriate signatories, both of whom must either:
(i) witness the signing of this Form by the policy owner in person or by means of any audiovisual link, and make declarations in Part 3 (date specified in this part must have same signed date as policy owner); or
(ii) without witnessing the signing mentioned in (b)(i) and make the declarations in Part 3 (date specified in this part must be within 7 calendar days starting on the signed date of the policy owner).
Note: Currently, electronic nomination form submission is not available. The option for “without witnessing” is not applicable for hard copy form submission.
8. The statutory form must clearly state the full address and at least 1 contact number of each appropriate signatory.
9. Each appropriate signatory must have attained the age of 21 years. An appropriate signatory must not be a nominee or the spouse of a nominee.
10. The total shares of all nominees must add up to 100%.
11. If a policy owner wishes to name more than 4 nominees, additional copies of the statutory Form 1 (trust nomination) to cover all nominees must be submitted. The additional Form 1 must be completed in full by the policy owner and signed by the same 2 appropriate signatories. Attachment in any other form will be rejected.
12. A policy owner must appoint at least 1 trustee. However, if the policy owner wishes to appoint more than 2 trustees for a trust nomination, statutory Form 3 must be submitted. Form 3 must be completed in full and signed by the policy owner and, if submitted together with Form 1, witnessed and signed by the same 2 appropriate signatories as Form 1. Attachment in any other form is not allowed.
13. You cannot make a nomination if your policy falls into any of the following categories.
(i) Your policy is an annuity purchased under the Minimum Sum Scheme (MSS).
(ii) The life insured under your policy is not the same person as the policyholder.
14. With effect from 1 Jan 2017, Trustee(s) and Nominee(s) in a trust nomination(s) must complete and submit FATCA & CRS SELF-CERTIFICATION FORM FOR INDIVIDUAL ACCOUNT HOLDER. The form can be downloaded and printed from via https://www.income.com.sg/policy-downloads-and-forms. One form is required for each trustee/nominee named in the Trust Nomination Form.
If the nominee is below 18 years old, Parent/Legal Guardian must complete the FATCA & CRS SELF-CERTIFICATION FORM FOR INDIVIDUAL ACCOUNT HOLDER on behalf of the nominee.
FATCA & CRS SELF-CERTIFICATION FORM FOR ENTITY/INDIVIDUAL ACCOUNT HOLDER
Income Insurance Limited (“Income”) is required to collect and report certain information about an account holder’s tax residency in order to comply with the Singapore Income Tax Act 1947 and related regulations including Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2015 (FATCA) and Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulation 2016 (CRS). We may be obliged to share information about the policy(ies) for which you are an Account Holder with the relevant tax authorities under certain circumstances.
Submission of Statutory Form
The completed and signed original statutory form must be submitted by hand or post to Income Insurance Limited (Income) for our registration. Any statutory form that is submitted by fax or email attachment will be rejected.
Enquiry on Nomination Matters
For enquiry on nomination matters, please submit via www.income.com.sg/enquiry or approach your Financial Consultant for assistance.
