Assign Policy To Other Person Or Bank

1. Absolute Assignment of Policy
– Client A want assign policy to Client B,
– after assigned to Client B,
– Client A doesn’t has any right to view the policy,
– and Client B has all right to view and does any decision to the policy.
– IF Client B dead before Client A, the policy right still remain to  Client B family. 

2. Conditional Assignment of Policy
Function similar like Appoint Nominee, but the difference is nomination only for spouse, children, otherwise brother, sister, parent (if married) is trustee.

But Conditional Assignment can be everyone.

Remark
Before do the Assignment, all nominees must remove.

Assignor = Policy Owner
Assignee = Third-party or Authorized Person from bank

Form Name:
– Duly Stamped  Absolute Assignment Of Policy (PSF 19)
– Checklist on Virtual Verification for Absolute Assignment
– Certified true copy of NRIC for both Assignor and Assignee

– Tax Residency Self Certification Form (Individual) PSF43  (If assignee tick “Yes” in CRS declaration)

Due to company will update form version from times to times,
kindly download latest version direct from Gesica or Epartner.

Assignor = Policy Owner
Assignee = Third-party or Authorized Person from bank

Remark
Both Assignor and Assignee MUST in Malaysia,
if either one at oversea is not allow to process.

Form Name:
– Duly Stamped Reassignment Form (PSF21)
– Checklist on Virtual Verification for Reassignment
– Certified true copy of NRIC for both Assignor and Assignee

– Tax Residency Self Certification Form (Individual) PSF43  (If assignee tick “Yes” in CRS declaration)

Due to company will update form version from times to times,
kindly download latest version direct from Gesica or Epartner.

Assignor = Policy Owner
Assignee = Third-party or Authorized Person from bank

Step 1:
Submit COMPLETE and STAMPED original copy of Assignment form
(After completing the step 1 above, the company will conduct virtual verification)

Step 2:
Assignor, Assignee and GM/UM will received CALL from the Company

Step 3:
Virtual Invitation Link will be sent to the Assignor, Assignee and GM/UM

Step 4:
Assignor, Assignee and GM/UM are required to be PRESENT during the Virtual Verification session

Step 5:
Assignor, Assignee and GM/UM to show MyKad as proof of identification during the Virtual Verification session

Step 6:
Agreement amongst all parties with the terms and conditions imposed during the Virtual Verification session.

Form Name:
Absolute Assignment Of Policy (PSF 19)

Due to company will update form version from times to times,
kindly download latest version direct from Gesica or Epartner.

Assignor = Policy Owner
Assignee = Third-party or Authorized Person from bank

Menara Great Eastern (HQ) procedure:
Step 1: Assignor and Assignee must go Great Eastern to do NRIC biometric. (No need bring Form)
Step 2: Arrest the Customer Service Counter will do all the form process.
Step 3: After finish, Client just need paid Stamping fee at GE payment counter.

Branch procedure:
Step 1: Assignor and Assignee must go Great Eastern to do NRIC biometric. (No need bring Form)
Step 2: Arrest the Customer Service Counter will do all the form process.
Step 3: After finish, Client need bring the form go to LHDN to do Stamp Duty Stamping.
Step 4: After Stamped, client need submit back the form to Great Eastern.

According Seremban LHDN process.
Before 3pm,can paid stamping fee at LHDN counter.
After 3pm, client need to go Post Office buy Stamp Hasil then go back to LHDN counter.

Other LHDN branches will depend their practice.

Remember, all the process must done in that day, over the day, clients need to go back Great Eastern do the procedure again.

Documents Required

– Absolute Assignment Form (PSF19)

– LHDN Stamp Certificate / LHDN Sijil Stamp

– Biomatch Pass sheet or CTC of NRIC of Assignor and Assignee

– Consent Letter to change payer (if any)

– Tax Residency Self Certification Form (Individual) PSF43 (if any)

– Nomination Form revoke existing nominee (if any)

Assignor and Assignee NO NEED to go company, but both of then need fill up the Absolute Assignment Form.

Assignee (Bank):
– Prepare The Authorization Bank person letter (Bank Staff).
– Must issue Bank Letter Head from Bank.
– A copy of authorized person’s NRIC (Bank Staff).
– Questionnaire to be completed by the Authorized Person.
(Normally client just pass the form to the Bank, the bank will know how to do)

After the bank fill-up the form, client need collect by self,
and go to LHDN do the Stamp Duty Stamping

Assignor (Policy Owner)
-A copy of Assignor’s NRIC
-Nomination Form to cancel the existing nominees (if any)
*To write as “ESTATE” and get the existing nominee/trustee’s consent
*Need provide a copy of existing nominee/trustee’s NRIC

Complete all above documents, then submit all documents to Great Eastern.

Documents Required

– Absolute Assignment Form (PSF19)

– LHDN Stamp Certificate / LHDN Sijil Stamp

– Biomatch Pass sheet or CTC of NRIC of Assignor and Assignee

– Consent Letter to change payer (if any)

– Tax Residency Self Certification Form (Individual) PSF43 (if any)

– Nomination Form revoke existing nominee (if any)

– Questionnaire to be completed by the Authorized Person(s) on his/her personal particulars

– Authorization Letter from Company or resolution from Board of Directors for the appointed Authorized Person

– Copy of NRIC of Authorized Person

Assignor and Assignee NO NEED to go company, but both of then need fill up the Absolute Assignment Form.

Assignee To (Company/Entity/Rockwills):
– Prepare The Authorization Company/Entity/Rockwills person letter (Company/Entity/Rockwills Staff).
– Must issue Company/Entity/Rockwills Letter Head from Bank.
– A copy of authorized person’s NRIC (Company/Entity/Rockwills Staff).
– Questionnaire to be completed by the Authorized Person.
(Normally client just pass the form to the Company/Entity/Rockwills, the Company/Entity/Rockwills will know how to do)

After the bank fill-up the form, client need collect by self,
and go to LHDN do the Stamp Duty Stamping

Assignor (Policy Owner)
-A copy of Assignor’s NRIC
-Nomination Form to cancel the existing nominees (if any)
*To write as “ESTATE” and get the existing nominee/trustee’s consent
*Need provide a copy of existing nominee/trustee’s NRIC

Complete all above documents, then submit all documents to Great Eastern.

Documents Required

– Absolute Assignment Form (PSF19)

– LHDN Stamp Certificate / LHDN Sijil Stamp

– Biomatch Pass sheet or CTC of NRIC of Assignor and Assignee

– Consent Letter to change payer (if any)

– Tax Residency Self Certification Form (Individual) PSF43 (if any)

– Nomination Form revoke existing nominee (if any)

– Questionnaire to be completed by the Authorized Person(s) on his/her personal particulars

– Authorization Letter from Company or resolution from Board of Directors for the appointed Authorized Person

– Copy of NRIC of Authorized Person

– Form 8 /9

– Form 24

– Form 49

– Tax Residency Self Certification Form – Entity (PSF44)

– FATCA (W9) for Company/Entity

Form Name:
Conditonal Assignment Form (PSF20)

Due to company will update form version from times to times,
kindly download latest version direct from Gesica or Epartner.

Assignor = Policy Owner
Assignee = Third-party or Authorized Person from bank

Remark
Only Person To Person

Menara Great Eastern (HQ) procedure:
Step 1: Assignor and Assignee must go Great Eastern to do NRIC biometric. (No need bring Form)
Step 2: Arrest the Customer Service Counter will do all the form process.
Step 3: After finish, Client just need paid Stamping fee at GE payment counter.

Branch procedure:
Step 1: Assignor and Assignee must go Great Eastern to do NRIC biometric. (No need bring Form)
Step 2: Arrest the Customer Service Counter will do all the form process.
Step 3: After finish, Client need bring the form go to LHDN to do Stamp Duty Stamping.
Step 4: After Stamped, client need submit back the form to Great Eastern.

According Seremban LHDN process.
Before 3pm,can paid stamping fee at LHDN counter.
After 3pm, client need to go Post Office buy Stamp Hasil then go back to LHDN counter.

Other LHDN branches will depend their practice.

Remember, all the process must done in that day, over the day, clients need to go back Great Eastern do the procedure again.

Documents Required

– Conditonal Assignment Form (PSF20)

– LHDN Stamp Certificate / LHDN Sijl Stamp

– Biomatch Pass sheet or CTC of NRIC of Assignor and Assignee

– Tax Residency Self Certification Form (Individual) PSF43 (if any)

– Nomination Form revoke existing nominee (if any)

Form Name:
REASSIGNMENT OF POLICY (PSF 21)

Due to company will update form version from times to times,
kindly download latest version direct from Gesica or Epartner.

IF want to request to REASSIGMENT back the policy,
then use above form.

The procedure are same as above steps.

LHDN will charge 1% of the Basic Sum Assured