Important Notice
1. For Change of Beneficiary, please refer to Policy Administration Manual section 3.18 for details. (updated: 24 Apr 2013)
2. All signed document should return to YF Life within 5 working days after sign date and return the completed form to SOD 2 working days before the deadline. (Updated: 9 Jan 2018)
3. The total share must equal to 100% and must be an integer.
4. Points to Note: (Updated: 8 June 2017)
a. The following information is required for change of beneficiary: (1) name(s) of beneficiary (2) ID/Passport Number(s) of beneficiary (3) relationship between beneficiary and insured (4) type of beneficiary (i.e., primary beneficiary, secondary beneficiary or irrevocable beneficiary) (5) percentage of share (6) Sign form date.
b. Assigning beneficiary to "Policy Owner’s Estate" is not acceptable. If policy owner wishes to be the beneficiary of the policy, the full name of policy owner should be used.
c. Assign beneficiary to "Estate" or "Policy Owner’s Estate" is not acceptable. It is advised that if policy owner intends to give the death benefit to the estate of insured, "Insured’s Estate" should be entered.
d. If the original beneficiary is an irrevocable beneficiary, POS will accept the change of beneficiary only after the consent of the original beneficiary is obtained.
e. As a prudent insurer, if change of beneficiary is requested within a short period of time (e.g., 3 months) after policy is issued or request to change to non-client family member(s), POS will question the insurable interest. The request will normally be processed after POS receives a reasonable explanation from policy owner for the change.
f. If client wants to assign the beneficiary to a non-family member, a reasonable explanation should be provided by the policy owner.
g. If the policy is assigned, the consent of the assignee must be obtained before POS will process the change of beneficiary.
h. Change of Beneficiary is not applicable to Hospital Benefit policy (except Money-Back Hospital Income policy and Refundable Hospital Cash Plan).
i. For Immediate Annuity policy, change of beneficiary request may be made only during the lifetime of primary/secondary (if applicable) insured, and there should be no more than 1 beneficiary under each beneficiary type.
Checklist
1. Request for Change / Designation of Beneficiary (A22) ([R10])
1) If any content on the form is being amended/revised, the proposed policy owner is required to counter-sign close to the revised part as confirmation;
2) If there is more than one type of handwriting on the form (such as part of handwritten content and part of computer-printed content), the proposed policy owner is required to sign on the lower right corner of each page of the form as confirmation.
2. Declaration of Individual Tax Residence (POS-G03CRS) Chi Version / Eng version ([D4]) -If applicable and subject to principal
3. CS eform
YF Life