What you need to know.

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Do consider the risks carefully before surrendering a policy. Upon surrendering, you would lose all valuable benefits under the policy. In addition, you may not be able to obtain a similar level of protection or returns on the same terms in the future.


If you would like to continue your plan but are seeking assistance with premium payments, we may offer other ways to service your policy. For advice on options such as loans and converting to a paid-up policy, please call us at 6788 1122.

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1

What kind of policy do you wish to surrender?

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Send us your documents.

For surrender of traditional life policy
Required documents

Please obtain and complete an "Early Surrender Form" or "Surrender Discharge Voucher" and return it with a copy of your personal identification document and bank document (if needed) via any of the methods below: 

  1. Branch: Find an NTUC Income branch 
  2. Email: csquery@income.com.sg
For partial/full withdrawal of ILP
Required documents

You may submit a partial/full withdrawal ILP request via any of the methods below:

  1. Online submission via me@income
  2. At an Income branch
  3. By email to ilpteam@income.com.sg
  4. By post to: Life & Health Operations Income Centre 75 Bras Basah Road Singapore 189557


When sending attachment(s) of all required documents and completed surrender form via email, please ensure that the overall size of your attachment(s) does not exceed 30MB.

For quicker processing, we recommend electronic channels such as online submission or via email because we can only process the request when we receive the completed documents.

Your queries answered.

Do consider the risks carefully before surrendering a policy. Upon surrendering, you would lose all valuable benefits under the policy. In addition, you may not be able to obtain a similar level of protection or returns on the same terms in the future.

If you would like to continue your plan but are seeking assistance with premium payments, we may offer other ways to service your policy. For advice on options such as loans and converting to a paid-up policy, please call us at 6788 1122.

We will send a cheque unless otherwise stated on your surrender form. For policies bought with CPFOA or SRS funds, we will pay directly to your investment account with your agent bank. For CPFSA/CPFRSS policies, we will pay directly to the CPF Board.

If the policyholder has passed on, the policy continues as long as the life assured survives and premiums are paid to maintain the policy. If the policy has a vesting date, the policy’s ownership will be transferred to the life assured when the policy reaches the vesting date. There is an implied trust created on this policy for the benefit of the life assured. Therefore, the legal representatives are unable to terminate the policy. The life assured can decide if he wants to surrender the policy after the policy is vested to him and he is at least 21 years of age.

If the policy has no vesting date, the legal representatives may act for the deceased policyholder to terminate the policy. We also need the Grant of Probate or Letters of Administration and a clear copy of NRIC (front/back) of each legal representative.

The persons completing and signing the forms must be the legal representatives. Any proceeds will be paid to the Estate of the policyholder.

If the policy is assigned under absolute assignment[1], only the assignee can give the instruction to surrender and proceeds will be paid to the assignee.

[1]An absolute assignment is the transfer of a life policy to another person. The person who transfers the policy is called the assignor. The person who takes over the ownership of the policy is called the assignee.

We need consent of all trustees plus beneficiaries (at least age 21) named under the policy. Proceeds will be paid to all trustees, or all beneficiaries (at least age 21).

Proceeds will be paid to the trustee (who is not the policyholder), or all beneficiaries (at least age 18). Parental consent is required if any of the beneficiaries is below age 18. The parent who gives consent must not be the policyholder.

If you are overseas, you can call or email your request and we will send you the necessary forms. The forms are to be witnessed either by an Official from the Singapore High Commission/Embassy of the Republic of Singapore (for Singaporeans) or a Notary Public. A Notary Public is a state appointed officer who can witness and authenticate documents.

When documents originate from or are signed in another country, it is common for most institutions to require them to be notarised before they can be used for official purposes. This is a matter of prudence to ensure that the person signing the documents is actually who he purports to be. The Notary mainly acts as an impartial and legally trained witness. You can locate a registry of notaries by conducting a search on the internet.

If you have difficulty in obtaining this official witness, you may submit the documents through our secure on-line platform me@income (Select “More functions” “Menu”"Services & Forms"→"Waiver of Notarisation").


We need a copy of your Singapore NRIC or a valid Passport. If the identification document does not contain your address, please provide an additional document which shows your residential address (e.g. a utility/credit card bill issued within the last six months).

If you do not have a bank account in Singapore, you can request a bank draft, or a telegraphic transfer (TT) of the surrender proceeds to your personal bank account overseas. Bank charges will have to be borne by you. A bank draft arrangement and TT may take up to 14 working days, from the day we receive complete information from you.

We need the below information to facilitate the bank draft or TT. We may contact you if additional information is needed.

Bank DraftTelegraphic Transfer
CurrencyCurrency
Country and StateName of Account holder
 Bank Name
 Bank Account number
 SWIFT code*

BSB Code (For Australia only)

Fedwire/CHIPS Universal ID/CHIPS Participant ID or ABA (for USA only)
 Bank Address
 Country and State

Please note:

  1. * SWIFT code: It is a standard format of Bank Identifier Codes (BIC) and a unique identification code for a particular bank. You may contact your bank to obtain the SWIFT code.
  2. Issuance of Bank Draft and Telegraphic Transfers are subjected to approval.

The charges may change from time to time depending on the paying bank. The currency exchange rate will depend on the prevailing rates at the actual time of transfer.

These are the current charges:

Bank DraftTelegraphic Transfer
0.125% of the surrender amount (minimum SGD25, maximum SGD150)Cost of cable (minimum SGD20, maximum SGD40); plus
 Local bank charges of 0.0625% of the surrender amount (minimum SGD20, maximum SGD100); plus
 Foreign bank charges

No. This will not be necessary.

No, we only pay the proceeds to the policy owner. If the policy is assigned under absolute assignment, the proceeds will be paid to the assignee.

No, all of our cheques must be crossed.

Please contact NTUC Income hotline at 6788 1122. We will verify the status of the cheque with our bank. We will issue a replacement cheque for you after our bank confirms that the earlier cheque has not been cleared.

We need the organisation to furnish the below documents.

  1. Completed Application for Early Surrender Form
  2. Completed Surrender Discharge Voucher indicating the cash value of your policy. The cash value amount indicated will only be valid for a period of 14 days. The cash value may change if you surrender your policy beyond this period.
  3. Business profile obtained from the governing body dated no more than three months prior
  4. Latest Board of Resolution
  5. Proof of signatories identities e.g. NRIC

The person completing and signing the forms must be the person who is authorised in the Latest Board of Resolution.

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Your surrender forms

Surrender of Investment Fund Units

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