Beneficiary nomination is crucial in ensuring that the intended recipients receive the policy benefits according to the policyholder’s wishes. While it is not compulsory to make a nomination, doing so will allow beneficiaries to receive the payout without any unnecessary delays or potential conflicts.
This online nomination service leverages Sign with Singpass and generates Secure Electronic Signatures (SES). These signatures can be verified and traced back to the signer, which confirms the authenticity and integrity of the signed documents. Sign with Singpass is a product developed by Government Technology Agency (GovTech) Singapore.
Online NOB was introduced following the Monetary Authority of Singapore’s (MAS) announcement in July 2023 that amendments had been made to the Insurance (Nomination of Beneficiaries) Regulations 2009, to enable insurers to provide online nomination of insurance beneficiaries from January 2.
Vikas Sinha, chief operations officer, Prudential Singapore, says: "With online NOB, we wanted to make it simple, convenient and secure for our policyholders to take the important step of completing their beneficiary nomination. This helps prevent any potential delays or disputes in distributing the policy proceeds and gives customers greater peace of mind knowing that their loved ones are cared for in the future."
