Surrender - Utmost Worldwide

Quilter International policies do not apply to these forms, please get it via Service Log to principal.

Important Notice for New Full Surrender Request Form

By using Full Request Form (Version 1220) or Partial Surrender Request Form(Version 1120) , International Tax Compliance (ITC)Form, Signed Indicative Surrender Value and Lost Policy Declaration shall no longer be required.  However, the following sections must be completed:

1. Tax Residence information for individual clients on p.1 (please note the ITC Entities Form will still be required for Corporates / Trust policies, if we do not have one on file)
2. Reason For Your Surrender (Section B for Partial Surrender or Section D for Full Surrender)
3. Section C Surrender Value Disclaimer – Please input the Indicative Surrender Value, sign and date
4. Clients are required to sign on both Section C and last page of the surrender request forms
5. For Full Surrender, if client has lost or misplaced the policy schedule, please tick the first box in Section F - Additional Requirements

6, For HK residents to fill in TIN number, kindly refer to the 稅務編號 on tax bill, which is a 10-digit number, if client could not provide the TIN number, please fill with HKID number and state the reason.

Important Notice

• If the client applies for this option within initial contribution period, commission will be clawed back proportionally and surrender charge will be applied to client account.
• If the client applies for this option after initial contribution period, no commission will be clawed back but surrender charge will be applied to client account.
• If the policy is in joint names, both signatures are required; or if the policy is held in trust, Utmost will require the trustee to countersign the surrender request form.    (updated: 19 April, 2011)
• All documents must be printed and signed by the policyholders
• Specimen Signature Form may be requested if client’s signature does not match with the original application
• A clear and legible certified copy of client’s identity is required, details must include a photograph of high enough quality that facial features can be distinguished, the document number, expiry date and MRZ line must also be clearly visible.
• If client was paying contributions by bank standing order, please kindly remind the client to cancel the BSO directly with their bank as Utmost do not have the authority to do so. (for full surrenders only)
• If the bank details for encashment payment differ from the original source of fund, further verification checks will be required
• Where proceeds are requested to be paid to Utmost policyholder’s account with another regulated financial services business other than their personal name bank account, Utmost require either an up to date statement or letter from the institution confirming a new business application is being processed/ an existing policy is in-force.

Checklist

1.   A completed and duly signed Full Surrender Request ([S4])

•  Please indicate the current Indicative Surrender Value on Part C Surrender Value Disclaimer of the Full or Partial Surrender Request Form. Please note that this is indicative and is liable to change in line with fluctuations in the policy value.
• Utmost will not proceed with inputting the surrender unless a copy of the duly completed and signed surrender request is received.
• Due to the dealing frequency of some of the funds offered by Utmost Worldwide that this is not an instant transaction. As such Utmost do allow up to 15 working days from receipt of the original documentation and the completion of the security call to release the payment dependent on the aforementioned dealing frequency.

2.   CS eform

3.   A proof of bank account (i.e. copy of bank book or bank statement) will be required if paying into an account different to the Source of Premium account

4.   Certified/ notarized coloured copy of Proof of Identity in high quality(Photo ID/ passport/s) – if the client is residing in Hong Kong, a high quality certified coloured copy of client’s HKID is also required.

5.   Certified/ notarized coloured copy of Proof of Address in high quality (e.g. Utility bill or bank statement issued within the last 3 months)

• For details, please refer to Utmost – Address Proof Requirement
• With Consultant printed full name and signature

Procedure 

1.    Collect all required document form client.

2.    Redemption will take about 3 weeks.

3.    Surrender statements will be received by clients along with the payments of proceeds

Payment Methods 

Telegraphic Transfer (TT)

• TT charge will be imposed by bank to clients account. Policyholder(s) needed to provide full banking details including name and address of bank, account numbers and names held in, together with full the SWIFT address of the receiving bank.   (updated: 19 April, 2011)
• Client should receive money in bank account specified in the form within 4 weeks after date of submission.

Special Case

If the original policy document has been mislaid, the client needs to complete Lost of Policy procedure indemnity form to be completed by all policyholders and submitted together with a certified copy of the policyholders' Passports/ID Cards together with a proof of address.

Utmost Customer Hotline：21536402