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All the know-hows to making payments or changes to your policies
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Life, Health, Savings & Retirement Plans
You may make your premium payment via AXS e-Station, AXS m-Station (mobile app) and AXS Station (kiosk).
Please note that it takes 2 working days to update Successful payment.
For DBS/POSB bank accountholders
Click here to apply for GIRO through your bank accounts via 2 DBS/POSB channels:
After logging in, go to Pay (Bills and Card) > Add GIRO Arrangement > Select Billing Organisation
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 policies
Download Interbank GIRO for MINDEF, MHA and POGIS policies
DBS Bill Payment (for DBS/POSB Internet Banking users)
For Individual Life policy:
For Individual Health policy:
For MINDEF/MHA/POGIS policy:
Please note that it takes 2 working days to update successful payment.
For SGD policy, please pay to Singapore Life Ltd.’s UOB bank account no. (401-321-727-5) and indicate your Policy Number as the reference.
Please note that it takes 2 working days to update Successful payment.
Complete the Credit Card Authorisation form and email to [email protected]
Please note that credit card payment is accepted for initial premium only.
Contract Currency
|
Bank
|
Bank Account no.
|
SWIFT Code
|
---|---|---|---|
AUD
|
United Overseas Bank Limited
|
451-907-257-7
|
UOVBSGSG
|
EUR
|
United Overseas Bank Limited
|
451-907-259-3
|
UOVBSGSG
|
GBP
|
United Overseas Bank Limited
|
451-907-261-5
|
UOVBSGSG
|
HKD
|
United Overseas Bank Limited
|
451-907-263-1
|
UOVBSGSG
|
SGD
|
United Overseas Bank Limited
|
401-321-727-5
|
UOVBSGSG
|
USD
|
United Overseas Bank Limited
|
451-907-252-6
|
UOVBSGSG
|
Please arrange for electronic payment via AXS, Bill Payment or Interbank Funds Transfer for faster update on successful payment.
Cheques should be crossed to "Singapore Life Ltd.". Remember to write your policy number(s), client reference number and contact number on the back of the cheque.
Do not send post-dated cheques.
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 | 1st Deduction | 2nd Deduction |
Individual Life | 1st - 14th of the month | 12th of the month | 27th of the month |
15th - 31st of the month | 27th of the month | 12th of next month | |
Long Term Care | 16th of previous month - 17th of current month | 18th of the month | NA |
MyLifeInvest | 1st - 14th of the month | 27th of previous month | 12th of the month |
15th - 31st of the month | 12th of the month | 27th of the month | |
Singlife Shield/ Singlife Health Plus | 1st - end of the month | 7th of the month | 20th 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.
Singlife Account, Singlife Sure Invest, Singlife & Zurich Plans
For Singlife policy, you may login to the Singlife Customer Portal and complete the GIRO application online.
For Zurich Life Singapore policy, please download and complete the Interbank GIRO Application Form (Zurich Life Singapore policies). Send us the duly signed form to us by mail. You may use the Business Reply Envelope (A4 size) to mail the form to us.
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.
You may refer to the details below for Interbank fund transfer to Singapore Life Ltd’s bank account. Please indicate your policy number as the reference.
If you are making payment to your Singlife policies, you may also do so by logging into your online portal.
Policy Type
|
Currency
|
Bank
|
Bank Account No.
|
---|---|---|---|
Singlife policy
|
SGD
|
DBS Bank Ltd
|
003-938093-3
|
Singlife Sure Invest
|
SGD
|
DBS Bank Ltd
|
072-004651-0
|
Zurich Life SIngapore policy
|
SGD
|
DBS Bank Ltd
|
003-916792-0
|
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:
To expedite the processing of premium transferred via Telegraphic Transfer (TT), please send a copy of the Remittance TT slip containing both the amount and Policy number to [email protected].
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.
Customer to remit the amount as per contract currency to the currency denominated bank account of Singapore Life Ltd. as shown below:
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
|
Currency
|
Bank
|
Bank Account No
|
SWIFT Code
|
---|---|---|---|
SGD
|
DBS Bank Ltd
|
003-916792-0
|
DBSSSGSG
|
AUD
|
United Overseas Bank Limited Singapore
|
352-941-6340
|
UOVBSGSG
|
HKD
|
United Overseas Bank Limited Singapore
|
352-941-6375
|
UOVBSGSG
|
EUR
|
United Overseas Bank Limited Singapore
|
352-941-6359
|
UOVBSGSG
|
GBP
|
United Overseas Bank Limited Singapore
|
352-941-6367
|
UOVBSGSG
|
USD
|
United Overseas Bank Limited Singapore
|
352-941-6332
|
UOVBSGSG
|
For Singlife policies, you may login to the Singlife Customer Portal and complete the application online.
Please note that Credit Card payment is not accepted for Zurich Life Singapore policies.
Please arrange for electronic payment via credit card or Interbank Funds Transfer for faster update on successful payment.
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 Singlife policies
Your premium will be deducted on the premium due date.
For Zurich Life policies
Your premium will be deducted on either 2nd of 15th of the month, depending on your 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.
(A) For Singlife policies
Kindly refer to the illustration below:
(B) For Zurich Life policies
Kindly refer to the illustration below:
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.
Can I still reactivate my credit card account after 3 failed attempts?
Yes, you may do so.
(A) For Singlife policy
Simply log in to your online portal and change the payment method from “Self Initiated” to “Credit Card”.
I have a Singlife policy. How do I set up or change my payment method?
(B) For Zurich Life policy
Kindly contact our customer service team at [email protected] or call us at +65 6911 1111 to provide us with your new Credit Card details.
When will my credit card deduction be made?
New application
For online purchase, we will deduct from your credit card once we have approved the application.
If you have chosen to pay by credit card but your online application has not been fully approved, we will only capture your credit card token. Deduction from your credit card will only be made when the application is fully approved or if you have accepted our counteroffer.
After policy issuance
(A) For Singlife policies
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:
(B) For Zurich Life policies
Premiums will be deducted from your credit card on either 2nd or 15th of the month, depending on your premium due date.
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.
(A) For Singlife 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:
(B) For Zurich Life Policy
Kindly refer to the illustration below:
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):
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
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:
The type, sum assured and terms of the rider being added
Your occupation and age at your next birthday, based on your policy anniversary date on which the new coverage commences
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.
Contact us for assistance if you wish to determine your Policy's paid up value.
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.
For Life, Health and General Insurance policies, Investment-linked Plans and Navigator account: You can log in to MySinglife to update your address, phone number and email address.
For Singlife Account, Sure Invest policy and Zurich Plans: You can log in to Singlife Customer Portal to update mobile number, home number, and email address.
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?
If your policy is still within the freelook period, you can contact us to instruct the policy cancellation.
For Singlife Plans: you can log in to the Singlife Customer Portal to request a policy cancellation and select the 'freelook' option.
How do I terminate my policy?
Policy with no cash value
To terminate your policy, please complete the Request for Change form. Alternatively, you may contact us to assist with your policy termination.
To terminate your Singlife term policy, please log in to the Singlife Customer Portal where you can submit your termination request.
Policy with cash value
Please refer to information on surrender of policy .
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?
Please submit a Request for Change form indicating your preferred payment frequency to us.
For Zurich Plans: For monthly frequency, only GIRO payment mode is applicable. You may wish to submit an GIRO application to effect the change.
For Singlife Plans: You can log in to the Singlife Customer Portal to request to change your 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
If your policy has acquired cash value, you can apply for a loan (if applicable) for up to a maximum 90%* of your policy cash value, minus any indebtedness. You will be charged an interest rate of 5.5% per annum on your loan, compounded at your policy anniversary.
The Policy Loan and its interest can be paid by installment.
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 amount is up to 90%* of the policy's cash value, minus any indebtedness.
* Please refer to your Policy Contract provision for the maximum percentage of your cash value that you may apply for Policy Loan.
How quickly can I receive my policy loan amount?
You can receive your policy monies within 7 working days via cheque or direct credit to your bank account. For direct credit, 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?
Contact us for assistance in determining your policy's cash value.
What documents will I need to submit?
You will need to submit:
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 as shown:
For Investment-Linked policy:
* The unit deal day is the date we set the unit price for a Fund.
For non Investment-Linked policy: