Policy Servicing

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Premium Payments
Automatic Premium Loan (APL) / Non-Forfeiture Loan (NFL)
Reviving A Lapsed Policy (Reinstatement)

Life, Health, Savings, Retirement & Zurich Plans

Interbank GIRO

For Medical & Life Insurance, Savings, Retirement, Zurich & Investment-Linked Plans

For DBS/POSB, Citibank, OCBC, UOB, Standard Chartered Bank, Maybank, Bank of China, HSBC and ICBC account holders

Account holders from the above banks can enjoy simple, hassle-free and quick way to set up a recurring payment for your regular premium renewal policies in Singapore dollars by signing up for eGIRO through MySinglife.

Login to your MySinglife account
Select “Policy Servicing”
Select “Set up eGIRO for Premium Payment”
Select your desired Policy Number
Click “Next”
Update the bank account details and select the bank that you wish to use for enrolment
Click Set up eGIRO
You will be routed to the i-banking website of your selected bank. Please proceed to log in with your banking User ID and password
Enter the OTP or login authentication pop-out notification sent from your bank to complete the transaction.

Please note that it only take a few minutes for the GIRO application to be approved.

For DBS/POSB bank account holders

Click here to apply for GIRO through your bank accounts via 2 DBS/POSB channels:

Internet Banking

After logging in, go to Pay (Bills and Card) > Add GIRO Arrangement > Select Billing Organisation

For Life Insurance, Savings, Retirement, Zurich and Investment-Linked policy

Select Singlife(Life) and enter your Policy Number in the DDA Reference number field

For Medical Insurance policy

Select Singlife(Health) and enter your Policy Number in the DDA Reference number field

For other bank account holders

Complete and return the original Application for Interbank GIRO form to Singapore Life Ltd. at 4 Shenton Way #01-01 SGX Centre 2 Singapore 068807. Please note that the approval process can take 2-6 weeks, depending on the bank. You will be notified once the GIRO application is approved by the bank.

Download Interbank GIRO for Individual Life/Health and Zurich policies

For Group Insurance Scheme MINDEF/MHA/Public Officers Group Insurance Scheme (POGIS)/ExxonMobil/Portable Medical Policy

For DBS/POSB bank account holders

Click here to apply for GIRO through your bank accounts via 2 DBS/POSB channels:

Internet Banking
Debit/ATM Card and Pin

After logging in, go to Pay (Bills and Card) > Add GIRO Arrangement > Select Billing Organisation

For MINDEF/MHA policy

Select Singlife(Health) and enter "0686xxxxxxxx", where xxxxxxxx denotes your 8-digit Client Reference Number in the DDA Reference number field

For Public Officers Group Insurance Scheme (POGIS) policy

Select Singlife(Health) and enter "PGxxxxxxxx", where xxxxxxxx denotes your 8-digit Client Reference Number in the DDA Reference number field

For ExxonMobil policy

Select Singlife(Health) and enter "EXxxxxxxxx", where xxxxxxxx denotes your 8-digit Client Reference Number in the DDA Reference number field

For Portable Medical policy and other bank account holders

Download Interbank GIRO for MINDEF, MHA and POGIS policies

Download Interbank GIRO for ExxonMobil policy

Download Interbank GIRO for Portable Medical policy

AXS payments

You can pay for your premiums via AXS e-Station, AXS m-Station (mobile app) and AXS Station (kiosk).

Select “Pay Bills” > Select “Insurance” > Select “Singapore Life Ltd.”
Select "Individual Life/Health Insurance"
Select "Policy No."
Enter your Policy No., Premium Amount and Contact No.
Follow the steps on the screen to make payment

If your premium amount exceeds your transaction limit, you’ll have to complete payment in multiple transactions. Visit the AXS website to find out more about the available payment modes and transaction limits.

Please note that the payment update process can take up to two business days. You will be notified via SMS once your payment has been processed.

PayNow

If you have PayNow set up, you can make payment for your renewal policies using PayNow by scanning our QR code generated in MySinglife

Login to your MySinglife account
Select “Policy Servicing”
Select Make Premium Payment with PayNow.
Select your desired Policy Number(s)
Click “Confirm Selection”
Click Proceed to Pay.
Scan the QR code with your banking account and App to complete payment.

Note: The QR code expires after 15 minutes. Do ensure that you make your payment before that.

Please note that it takes 1 working day for payment to be updated.

Bill Payment (For DBS/POSB & UOB account holders)

DBS Bill Payment (for DBS/POSB Internet Banking users)

For Life Insurance, Savings, Retirement, Zurich & Investment-Linked policy

Select Singlife-Life & General and indicate your Policy Number in the reference field.

For Medical Insurance policy

Select Singlife-Group Life & Medical and indicate your Policy Number in the reference field.

For Group Insurance Scheme - MINDEF/MHA/Public Officers Group Insurance Scheme (POGIS)/ExxonMobil/Portable Medical policy

Select Singlife-Group Life & Medical and indicate the 8-digit Client Reference Number in the reference field.

UOB Bill Payment(for UOB Internet Banking users)

For Medical & Life Insurance, Savings, Retirement, Zurich & Investment-Linked policy

Select Singlife (Life,Health & General) and indicate your Policy Number in the reference field.

For Group Insurance Scheme - MINDEF/MHA/Public Officers Group Insurance Scheme (POGIS)/ExxonMobil/Portable Medical policy

Select Singlife-Group Life & Medical and indicate the 8-digit Client Reference Number in the reference field.

Please note that the payment update process can take up to two business days. You will be notified via SMS once your payment has been processed.

Interbank Funds Transfer (For non-DBS/POSB & non-UOB account holders)

For SGD policy, please pay to Singapore Life Ltd.’s DBS bank account no. (003-958595-0) and indicate your Policy Number as the reference.

Please note that the payment update process can take up to two business days. You will be notified via SMS once your payment has been processed.

Credit Card

If you are currently paying for your policy’s recurring premiums via credit card, you may login to MySinglife and change/update your credit card details online.

Log in to MySinglife
“Policy Servicing” > “Update Credit Card Details”

Please note that credit card payment is accepted for selected plans only.

Telegraphic Transfer

Any charge imposed by the remitting bank and receiving bank when submitting funds to Singapore Life Ltd. must be borne by the applicants. It is necessary to pay an amount in excess of the premium due to cover these charges.

Please remit the amount to the currency denominated bank account below as per your contract currency and indicate the following details in the Telegraphic Transfer application:

Policyholder's full name (as indicated in the application form)
Policyholder's Identification number/Passport number
Policy number

Customer to remit the amount as per contract currency to the currency denominated bank account of Singapore Life Ltd. as shown below:

Contract Currency	Bank	Bank Account no.	SWIFT Code
AUD	DBS Bank	0072-172756-01-0	DBSSSGSG
EUR	DBS Bank	0072-172758-01-3	DBSSSGSG
GBP	DBS Bank	0072-172759-01-5	DBSSSGSG
HKD	DBS Bank	0072-172760-01-2	DBSSSGSG
SGD	DBS Bank	003-958595-0	DBSSSGSG
USD	DBS Bank	0072-172757-01-1	DBSSSGSG

Cheque

Singapore aims to go cheque-less by 2025, as part of the country’s push towards being a digital first nation. At Singlife, we believe this will be better for customers. We will no longer accept cheque payments with effect from 1 January 2024.

FAQ

How long is the payment grace period?

The grace period begins on the premium due date and lasts for at least 30 days*. If no premium is paid within this period, policies without sufficient cash value accumulated will lapse.

*Please refer to your Policy Contract provision

How do I know that my Policy has lapsed?

You will receive a Lapse notice from us.

To know more about reinstating your policy, please refer to the Reviving A Lapsed Policy (Reinstatement) section.

When will my premium be deducted from my GIRO account?

New application

For the initial premium, we will deduct the amount from your approved GIRO account after we have approved the application, or if you have accepted our counter-offer.

After policy issuance

Plan Type	Premium Due Date	1^st Deduction	2^nd Deduction
Individual Life	1^st - 14^th of the month	12^th of the month	27^th of the month
Individual Life	15^th - 31^st of the month	27^th of the month	12^th of next month
Long Term Care	16^th of previous month - 17^th of current month	18^th of the month	NA
MyLifeInvest	1^st - 14^th of the month	27^th of previous month	12^th of the month
MyLifeInvest	15^th - 31^st of the month	12^th of the month	27^th of the month
Singlife Shield/ Singlife Health Plus	1^st - end of the month	7^th of the month	20^th of the month

If the deduction dates falls on a non-working day, the deduction will take place on next working day.

When will my credit card deduction be made?

New application

For the initial premium, we will deduct from your credit card once we have approved the application.

If you have chosen to pay by credit card but the application has not been fully approved, we will only capture your credit card token. We will only deduct from your credit card when the application is fully approved or if you have accepted our counteroffer.

After policy issuance

Premiums will be deducted from your credit card 1 working day before your premium due date. If the deduction dates falls on a non-working day, the deduction will take place on next working day.

Group Insurance

Interbank GIRO

Pending Content in Word Doc format.

AXS payments

You can pay for your premiums via AXS e-Station, AXS m-Station (mobile app) and AXS Station (kiosk).

Select “Pay Bills” > Select “Insurance” > Select “Singapore Life Ltd.”
Select "Group Life & Health Insurance"
Enter your Policyholder Identify No., Premium Amount and Contact No.
Follow the steps on the screen to make payment

Please note that the payment update process can take up to two business days. You will be notified via SMS once your payment has been processed.

Bill Payment (For DBS/UOB account holders)

DBS Bill Payment (for DBS/POSB Internet Banking users)

For Group Insurance Scheme - MINDEF/MHA/Public Officers Group Insurance Scheme (POGIS)/ExxonMobil/Portable Medical policy

Select Singlife-Group Life & Medical and indicate the 8-digit Client Reference Number in the reference field.

UOB Bill Payment(for UOB Internet Banking users)

For Group Insurance Scheme - MINDEF/MHA/Public Officers Group Insurance Scheme (POGIS)/ExxonMobil/Portable Medical policy

Select Singlife-Group Life & Medical and indicate the 8-digit Client Reference Number in the reference field.

Please note that the payment update process can take up to two business days. You will be notified via SMS once your payment has been processed.

Cheque

Telegraphic Transfer

Any charge imposed by the remitting bank and receiving bank when submitting funds to Singapore Life Ltd. must be borne by the applicants. It is necessary to pay an amount in excess of the premium due to cover these charges.

Please remit the amount to the currency denominated bank account below as per your contract currency and indicate the following details in the Telegraphic Transfer application:

Policyholder's full name (as indicated in the application form)
Policyholder's Identification number/Passport number
Policy number

Customer to remit the amount as per contract currency to the currency denominated bank account of Singapore Life Ltd. as shown below:

Contract Currency	Bank	Bank Account no.	SWIFT Code
AUD	DBS Bank	0072-172756-01-0	DBSSSGSG
EUR	DBS Bank	0072-172758-01-3	DBSSSGSG
GBP	DBS Bank	0072-172759-01-5	DBSSSGSG
HKD	DBS Bank	0072-172760-01-2	DBSSSGSG
SGD	DBS Bank	003-958595-0	DBSSSGSG
USD	DBS Bank	0072-172757-01-1	DBSSSGSG

Interbank Funds Transfer (For non-DBS/POSB & non-UOB account holders)

For SGD policy, please pay to Singapore Life Ltd.’s DBS bank account no. (003-958595-0) and indicate your Policy Number as the reference.

Please note that the payment update process can take up to two business days. You will be notified via SMS once your payment has been processed.

Credit Card/PayNow

Kindly be informed that credit card and PayNow payments are only eligible via our online portal for insured members under credit card.

To convert your payment method to credit card, kindly contact us at: [email protected]

Cardup

You may make payment for your premiums via CardUp

Steps for payment:

Select: Create payment -> Insurance
Under Recipient, kindly select: Singapore Life Ltd
Indicate your payment amount and payment method
Follow the steps on the screen to make payment
Under the field for Payment reference, kindly indicate your client reference number or NRIC followed by policy number (e.g. 00322180 3037850 or S/TXXXXXXXX 3037850)

FAQ

When will my premium be deducted from my GIRO account?

For SL series policy

Your premium will be deducted on the premium due date.

How many GIRO deduction attempts will there be?

We will attempt to deduct up to 3 times. If we are unable to retry or the 3 attempts have failed, the GIRO payment method will be deactivated for your policy and you will need to arrange for payment to us by another method. You will be informed when your GIRO payment method is deactivated.

For SL series policy

Kindly refer to the illustration below:

1st deduction: 1 Jan 2025
2nd deduction: 11 Jan 2025
3rd deduction: 21 Jan 2025

What happens to my policy if my GIRO account is cancelled?

You will be notified when payment deductions are unsuccessful. Should we not receive payment for your policy to keep it in-force, your policy will lapse and any cover will be forfeited.

Are there additional charges if I choose to pay via Credit Card?

There are no additional charges for payment via Credit Card at the moment. However, there may be changes in the future.

When will my credit card deduction be made?

After policy issuance

For SL series policy

Premiums will be deducted from your credit card on each premium due date. If the due date falls on a weekend or Public Holiday, the deduction will be made on the working day prior, not on the actual premium due date.

For example:

Next premium due: 11 Mar 2019 (Monday)
Next premium deduction date: 10 Mar 2019 (Sunday)
Creditcard deduction date: 8 Mar 2019 (Fri)

How many credit card deduction attempts will there be?

We will attempt to deduct up to 3 times. If we are unable to retry or the 3 attempts have failed, the credit card payment method will be deactivated for your policy and you will need to arrange for payment to us by another method. You will be informed when your credit card payment method is deactivated.

For SL series policy

If the 1st attempt is unsuccessful, the 2nd attempt will be 10 days later. If the 2nd attempt is still unsuccessful, the 3rd attempt will be 10 days after the 2nd attempt.

You may refer to the illustration below:

1st deduction: 1 July 2017
2nd deduction: 11 July 2017
3rd deduction: 21 July 2017

What happens to my policy if my credit card account is cancelled?

You will be notified when payment deductions are unsuccessful. Should we not receive payment for your policy to keep it in-force, your policy will lapse and any cover will be forfeited.

What are the acceptable credit cards for online payment of premiums?

You will be notified when payment deductions are unsuccessful. Should we not receive payment for your policy to keep it in-force, your policy will lapse and any cover will be forfeited.

Singlife Account

Singlife Account Top Up Steps

Download the GIRO Application form for SL series policy here
Complete and return the original Application for Interbank GIRO form with wet ink signature to Singapore Life Ltd. at 4 Shenton Way #01-01 SGX Centre 2 Singapore 068807.
Please note that the approval process can take 2-6 weeks, depending on the bank. You will be notified once the GIRO application is approved by the bank.

SL Series Policies (Policies beginning with SL)

Interbank GIRO

Download the GIRO Application form for SL series policy here
Complete and return the original Application for Interbank GIRO form with wet ink signature to Singapore Life Ltd. at 4 Shenton Way #01-01 SGX Centre 2 Singapore 068807.
Please note that the approval process can take 2-6 weeks, depending on the bank. You will be notified once the GIRO application is approved by the bank.

Interbank Funds Transfer

For SGD policy, please pay to the below Singapore Life Ltd.’s DBS bank account no. and indicate your Policy Number as the reference.

Please note that the payment update process can take up to two business days.

Policy Type	Currency	Bank	Bank Account No.
SL series policy	SGD	DBS Bank Ltd	003-938093-3

Telegraphic Transfer

Please remit the amount to the currency denominated bank account below as per your contract currency and indicate the following details in the Telegraphic Transfer application:

Policyholder's full name (as indicated in the application form)
Policyholder's Identification number/Passport number
Policy number

Applicants must cover any charges imposed by both the remitting and receiving banks when submitting funds to Singapore Life Ltd.

Your bank will advise you on their applicable exchange rates and fees to ensure the correct amount is transferred.

Do take note that application of premium for TT generally take up to 7 business days to process but may be extended subject to unforeseen delays. To ensure that your policy is promptly renewed, please do take into consideration the extra time taken to complete the process.

Currency	Bank	Bank Account No	SWIFT Code
SGD	DBS Bank Ltd	003-938093-3	DBSSSGSG
USD	DBS Bank Ltd	0003-036318-01-2	DBSSSGSG
AUD	DBS Bank Ltd	0003-036315-01-7	DBSSSGSG

Credit Card

If you require to update your credit card details for your SL Series policy we will provide you with direct customer support. Please email us at [email protected] or call us at 6827 9933 (8.45am to 5.30pm, Mondays to Fridays, excluding Public Holidays).

FAQ

Can I pay by GIRO for a new policy application?

As the GIRO Direct Debit Authorization (DDA) approval by your bank may take up to 6 weeks, we would advise that you pay the first premium by credit card while the DDA is being processed. Once the DDA has been approved, the next premium deduction will be switched to GIRO.

When will my premium be deducted from my GIRO account?

For SL series policy

Your premium will be deducted on the premium due date.

How many GIRO deduction attempts will there be?

For SL series policy

Kindly refer to the illustration below:

1st deduction: 1 July 2017
2nd deduction: 11 July 2017
3rd deduction: 21 July 2017

What happens to my policy if my GIRO account is cancelled?

You will be notified when payment deductions are unsuccessful. Should we not receive payment for your policy to keep it in-force, your policy will lapse and any cover will be forfeited.

Are there additional charges if I choose to pay via Credit Card?

There are no additional charges for payment via Credit Card at the moment. However, there may be changes in the future.

When will my credit card deduction be made?

After policy issuance

For SL series policy

For example:

Next premium due: 11 Mar 2019 (Monday)
Next premium deduction date: 10 Mar 2019 (Sunday)
Creditcard deduction date: 8 Mar 2019 (Fri)

How many credit card deduction attempts will there be?

For SL series policy

If the 1st attempt is unsuccessful, the 2nd attempt will be 10 days later. If the 2nd attempt is still unsuccessful, the 3rd attempt will be 10 days after the 2nd attempt.

You may refer to the illustration below:

1st deduction: 1 July 2017
2nd deduction: 11 July 2017
3rd deduction: 21 July 2017

What happens to my policy if my credit card account is cancelled?

You will be notified when payment deductions are unsuccessful. Should we not receive payment for your policy to keep it in-force, your policy will lapse and any cover will be forfeited.

What are the acceptable credit cards for online payment of premiums?

We accept payment by Visa / Mastercard credit card only.

Automatic Premium Loan (APL) / Non-Forfeiture Loan (NFL)

If your premium is still outstanding after the grace period, an Automatic Premium Loan (APL) will be applied where your overdue premium will be paid for using your policy’s cash value. This will allow your policy to remain in force, ensuring your coverage and benefits.

APL is charged at a 5.5% per annum interest rate that is compounded at your policy’s anniversary.

If the premiums remain unpaid, APL will continue to be applied on the overdue premiums. We recommend you redeem your APL and any accumulated interest as soon as possible to ensure your policy remains in force and retains your policy’s cash value. APL is recommended only as a short-term measure.

FAQ

How do I redeem my Automatic Premium Loan (APL)?

You can contact us for an APL redemption quotation and make a partial or full payment for your APL.

Must I redeem all my outstanding APL?

No, you may opt to make a partial or full payment. It is advisable to redeem your APL and accumulated interest as soon as possible as they will exhaust your policy's cash value.

What will happen if I do not pay my APL and the interest accumulated?

Any outstanding APL and accumulated interest will exhaust your Policy Cash Value. Once your policy's cash value is used up, your policy will lapse and will no longer be in force.

Reviving A Lapsed Policy (Reinstatement)

It is important that you make your premium payments on time. If your premium is not fully paid within the grace period, your policy will lapse unless it has a sufficient cash value to enable an Automatic Premium Loan (APL). A notification will be sent to you when your policy has lapsed.

To resume the effective coverage of your policy (known as Reinstatement of the Policy):

Declare your health status by completing the health declaration form:
- For Life policies: Policy Health Declaration (for Life Products)
- For Health policies: Policy Servicing Health Declaration (for Health Products)
- For Long Term Care policies: Reinstatement for Singlife ElderShield Standard/Singlife ElderShield Plus/Singlife CareShield Standard/Singlife CareShield Plus
Pay the outstanding premiums together with any accumulated interest (if applicable) and indebtedness (if any).

Reinstatement is subjected to underwriting approval and further requirements, such as medical reports, may be requested as part of the review. If your health status has deteriorated, you may need to pay a higher premium based on the underwriter’s review.

We recommend that you pay your premiums using interbank GIRO as it would automate the premium payment process for you. To get start, submit a GIRO application.

FAQ

Can I reinstate my policy after the deadline stated in the Lapse Letter?

You can request to reinstate the policy within 12 months* from the policy lapse date (the date on which the last premium due was not paid).

Reinstatement is subject to underwriting; all outstanding premiums^ from the lapse date and any premiums due on the reinstatement date are to be paid.

* Please refer to your Policy Contract provision for the reinstatement application period applicable for your policy.

^ You can contact us for a new quotation.

Jump to Section

Attaching Riders
Assigning a Policy
Converting to Paid-Up Policy
Updating Personal Contact Information

Attaching Riders

Riders represent additional benefits that can be added to your existing policy to enhance your coverage. They offer flexibility for you to customize your coverage to meet your specific needs, and can vary according to your existing plan type, term and also additional premiums.

Rider premiums are generally based on:

Type of Rider

The type, sum assured and terms of the rider being added

Occupation and age

Your occupation and age at your next birthday, based on your policy anniversary date on which the new coverage commences

Underwriting assessment

Assessment and approval by our underwriters

Assigning a Policy

The transfer of all rights under an insurance policy from one party (the assignor) to another (the assignee) is called assignment. You are required to notify us of these changes, although Singlife is not responsible for determining the validity of an assignment.

The most common types of assignment are:

Absolute Assignment (Deed of Assignment), where all rights under the policy are transferred from the assignor to the assignee without any conditions

Collateral Assignment, where all rights under the policy are transferred to the assignee, usually a bank, as collateral or security for a loan granted to the assignor

You can make an Absolute Assignment by contacting us. All parties must be over 18 years of age, of sound mind, and cannot be an undischarged bankrupt

You can make a Collateral Assignment by contacting us or contacting the bank or organisation that will become the assignee of the policy for security or collateral. Some banks and other institutions have their own collateral assignment procedures.

Converting to Paid-Up Policy

Once the policy has acquired cash value, you can choose to stop payment of future premiums by converting the policy to paid-up status. Conversion to reduced paid-up assurance means that you can continue to remain insured for the same policy term but at a reduced sum assured amount.

Updating Personal Contact Information

To help us serve you better, please notify us of any changes in your contact information, including your address, email address and phone numbers. This ensures that we can always reach you in a timely manner.

To ensure we can reach you promptly, please update any changes to your contact information (address, email, or phone number) by logging into MySinglife.

General FAQ

What does 'freelook period' mean?

Freelook period is the period provided for you to review a newly issued policy and lasts for 14 days, starting from the date you receive your policy.

Anytime during this period if you’re not satisfied with the policy, you may exercise the freelook provision of your policy to cancel the policy and receive a refund.

Cancelling your policy under Freelook means that the whole policy is cancelled and there is no insurance coverage. If you have gone for a medical examination for the policy, the medical cost incurred will be self-funded.

How do I exercise my freelook option?

For policies within the freelook period, you can submit a policy cancellation request via the MySinglife portal.

Log in to MySinglife
Select “Services” > “Policy Servicing” > “Freelook Cancellation”

How do I terminate my policy?

For policies with no cash value, you can submit a termination request via the MySinglife portal.

Log in to MySinglife
Select “Services” > “Policy Servicing” > “Policy Termination”

For policies with cash value, please click here for more information.

Will my premium be pro-rated if I terminate my policy?

There is no refund for policy termination. However, you will continue to enjoy coverage for the rest of the period you have paid your premium for. The termination of your policy will be effective from the next premium due date.

How do I change my payment frequency?

You can change your payment frequency via the MySinglife portal.

Log in to MySinglife
Select “Services” > “Policy Servicing” > “Change Payment Frequency”

What do I need to take note when changing payment frequency?

Changing payment frequency from higher to lower frequency

When changing the payment frequency of your policy to a longer term than previously chosen, payment of the remaining premiums will be required for the changes to take effect. This is because changing to a longer payment term will result in a period of cover where the premium has not been paid for.

This is applicable to the following scenario:

Monthly --> Annually, Semi-Annually, Quarterly

Quarterly --> Annually, Semi-Annually

Semi-Annually --> Annually

To successfully change to a longer payment term, simply pay the remaining premiums for the policy.

Changing payment frequency from lower to higher frequency

When changing the payment frequency of your policy to a shorter term than previously chosen, the change will only take effect from the next payment date onwards. This is because the last payment made for your policy was enough to cover the previously chosen period.

This is applicable to the following scenario:

Annually --> Semi-Annually, Quarterly, Monthly

Semi-Annually --> Quarterly, Monthly

Quarterly --> Monthly

To successfully change to a shorter payment term, simply wait until the next payment is due for your policy.

Jump to Section

Policy Loan
When a Policy Matures
Surrendering a Policy

Policy Loan

Policy loans are available for selected plans and if the policy has accumulated cash value.

You may apply for a policy loan up to the maximum percentage amount specified in your policy contract provision, less any outstanding policy debt. The loan amount will incur interest at the prevailing rate. Interest is compounded annually on your policy anniversary.

You may choose to repay your outstanding policy loan (inclusive of interest) by installments.

Apply for a Policy Loan now.

* Please refer to your Policy Contract provision for the maximum percentage of your cash value that is eligible for a Policy Loan.

FAQ

What are the minimum and maximum Policy Loan amounts I can request?

The minimum policy loan amount is S$200. The maximum policy loan you can take is based on the maximum percentage amount specified in your policy contract provision, less any outstanding policy debt.

How quickly can I receive my policy loan amount?

Upon receipt of all documents duly completed and signed, you will receive the policy loan via one of the following means:

PayNow-NRIC/FIN/ Cheque: the payout will be made through PayNow-NRIC/FIN within 3 working days. Please check that you have registered for PayNow with your bank. A cheque will be mailed to you if the payment is unsuccessful or payable to joint payees/ non-SGD/ corporate clients.
Direct Credit: within 7 working days. Please provide us with a copy of your bank passbook/statement or e-statement with full name and account number clearly indicated on the same page. All other information may be blanked out.

When a Policy Matures

A maturity amount is payable once your policy reaches maturity. We will notify you when your policy maturity date is approaching. After this date, your policy is considered to have matured and is no longer in force.

FAQ

How will I know when my policy will mature?

You can refer to your Policy Schedule for maturity date. You will also receive our notification 1 month before the maturity date.

When will I be notified of the maturity of my policy?

You will be notified 1 month before the maturity date.

What is my policy's projected return at maturity?

Contact us for a projected Maturity Quotation. However, this projected value assumes prevailing bonus rates remain unchanged and does not reflect any outstanding loans or other indebtedness.

Surrendering a Policy

Your policy that has cash value can be surrendered in exchange for its cash surrender value upon cancellation of the policy.

You should consider carefully the surrendering of your policy, as it would mean the loss of protection for you and your family. Replacing your coverage, even if done immediately, might require a higher premium due to your older entry age. A new policy will also take time to build up a cash value over the years.

You might want to take a policy loan instead which still allows you to enjoy your insurance coverage.

FAQ

When can I surrender my policy?

Once your policy acquires a cash value, you can surrender it at any time.

How do I know the amount of cash value acquired by my policy?

What documents will I need to submit?

You will need to submit:

Surrender/Withdrawal Form for Traditional Policy or
Withdrawal/Surrender Form for Investment Linked Policies or
Surrender / Withdrawal Form For Global Investment Plans (ILP) and
Copy of the Assured/Joint Assured/Assignee(s) NRIC or Passport.
Copy of Trustee(s)/Beneficiary(ies) NRIC, Passport or Birth Certificate (if your policy is under Trust)

Can I surrender part of my policy?

For an investment-linked policy or the investment-linked portion of a policy, you can partially surrender these policies by completing the Surrender / Withdrawal Form for Investment - Link Policy (ILP) Form.

For the non-investment linked portion of a policy, you can partially surrender the entire non investment-linked portion of this policy unless otherwise specified in the policy contract.

When can I receive the policy proceeds?

Upon receipt of all documents duly completed and signed, you will receive the policy proceeds via one of the following means:

For Investment-Linked policy:

PayNow-NRIC/FIN/ Cheque: the payout will be made through PayNow-NRIC/FIN within 3 working days (after the unit dealing day*). Please check that you have registered for PayNow with your bank. A cheque will be mailed to you if the payment is unsuccessful or payable to joint payees/ non-SGD/ corporate clients.
CPF Ordinary Account (Agent Bank): within 3 working days (after the unit dealing day*) into the Agent Bank for transfer into CPF Ordinary Account.
CPF Special Account: within 3 working days (after the unit dealing day*).
SRS Account: within 3 working days (after the unit dealing day*).
Direct Credit: within 7 working days (after the unit dealing day*). Please provide us with a copy of your bank passbook/statement or e-statement with full name and account number clearly indicated on the same page. All other information may be blanked out.

* The unit deal day is the date we set the unit price for a Fund.

For non Investment-Linked policy:

PayNow-NRIC/FIN/ Cheque: the payout will be made through PayNow-NRIC/FIN within 3 working days. Please check that you have registered for PayNow with your bank. A cheque will be mailed to you if the payment is unsuccessful or payable to joint payees/ non-SGD/ corporate clients.
CPF Ordinary Account (Agent Bank): within 5 working days into the Agent Bank for transfer into CPF Ordinary Account.
CPF Special Account: within 5 working days.
SRS Account: within 5 working days.
Direct Credit: within 7 working days. Please provide us with a copy of your bank passbook/statement or e-statement with full name and account number clearly indicated on the same page. All other information may be blanked out.

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