What you need to know.

  • If your policy is maturing soon, you will receive a cheque by the maturity date.

  • For participating policies, we may offer an annual or cash bonus which is distributed yearly, and/or a special bonus which we may pay at the time of a claim, or upon maturity, or if you surrender the policy.

  • If you have a cash policy, you will receive your maturity proceeds via cheque on or before the maturity date.
  • If your policy is maturing within the next 2 months, you may choose to credit your maturity proceeds to your personal bank account by submitting your request via our online portal (me@income). You will need to upload a copy of your bank book or recent bank statement at least 21 days before your policy matures. Please note that we can only accept maturity instructions within two months from the maturity date.
  • For policies bought with CPFOA or SRS funds, we will pay directly to your investment account with your agent bank. For CPFSA or CPF Retirement Sum Scheme (RSS) policies, we will pay directly to the CPF Board.
  • We may issue three types of bonuses to our policyholders:
    • The annual bonus is an amount distributed yearly to most of our participating policies.
    • A special bonus (sometimes called a terminal bonus) is an extra bonus which we pay at the time of a claim, or upon maturity, or if you surrender the policy.
    • A cash bonus may be payable for some policies with cash benefit feature. The cash bonus is declared yearly and non-guaranteed.
  • We may allow you to encash (take out) your accumulated annual bonus. You will receive the cash value of the bonus which is usually lower than the actual annual bonus encashed. Where possible, you should keep your annual bonus intact.
  • To view your accumulated bonus or annual bonus statement, you may login to https://me.income.com.sg. You can view up to 3 years of past bonus statements.
  • If you wish to encash your bonus, you may email csquery@income.com.sg, call 6788 1122 or visit any of NTUC Income branches. You will need to complete a Bonus encashment voucher to encash your bonus.

Your queries answered.

For policies bought with cash, we will send a cheque unless otherwise instructed. You will receive a cheque by the maturity date. Please ensure that your NRIC/Identification number registered with Income is the same as your bank’s record. The cheque would be rejected if your bank account holds a different Identification number.


For policies bought with CPFOA or SRS funds, we will pay directly to your investment account with your agent bank. For CPFSA policies, we will pay directly to the CPF Board.

From two months to at least 21 days before the policies mature, you may choose to credit your maturity proceeds to your personal bank account by submitting your request and a copy of your bank book or recent bank statement via our online portal (me@income).

Please note that we will only accept maturity instructions two months before your policy mature.

No. Once the policy has matured, premium deduction will cease immediately.

We will deduct the policy loan and its interest from the maturity proceeds and only the net amount will be paid to you.


If the policy is assigned under absolute assignment1, the proceeds will be paid to the assignee. 1An 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.

Proceeds will be paid to the beneficiaries (at least age 21). Alternatively, the proceeds can be paid to all trustees.

Proceeds will be paid to the beneficiaries (at least age 18). Alternatively, the proceeds can be paid to any trustee who is not the policyholder.

Please contact our Customer Service Officers on 6788 1122 to find out the status of your policy and payment.

Not necessarily. Proceeds can only be paid to you directly if you have you have closed your investment accounts (CPFIS-OA, CPFIS-SA). Your investment accounts will only be closed under these two situations:

  1. You have applied to CPF Board to withdraw all the excess balances in your Ordinary Account and Special Account (after setting aside the required Minimum Sum and Medisave Required Amount). When you do this, your investment accounts (CPFIS-OA and CPFIS-SA) will be closed. More specifically, CPF Board will close your CPFIS-SA and inform us. For your CPFIS-OA, CPF Board will inform your agent bank to close your investment account and the agent bank will then inform us.
  2. You did not withdraw all the excess balances in your Ordinary Account and Special Account. But you have applied to CPF Board to withdraw your investments under CPFISA-OA and CPFIS-SA.

If you do not have a bank account in Singapore, you can request a bank draft, or a telegraphic transfer (TT) of the maturity 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 completed 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
  • * SWIFT code: It is a standard format of Bank Identifier Codes (BIC) and it is a unique identification code for a particular bank. You may contact your bank to obtain the SWIFT code.
  • Issuance of Bank Draft and Telegraphic Transfers are subjected to approval.

You may send us your request via any of the methods below:

Branch: Find an NTUC Income branch

Email: csquery@income.com.sg

Phone: 6788 1122

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 amountCost of cable (minimum SGD20, maximum SGD40); plus
(minimum SGD25, maximum SGD150)Local bank charges of 0.0625% of the surrender amount (minimum SGD20, maximum SGD100); plus
 Foreign bank charges

A third party policy refers a policy was taken up by a parent, insuring the life of his child. It is also applicable when a person takes up a policy on the life of a spouse as well. When the policyholder passes away, the policy continues as long as there are premiums paid to maintain the policy.

Upon maturity, we will issue a maturity cheque to the late policyholder’s estate.

The legal representative(s) can use the Grant of Probate or Letter of Administration to open an account in the name of the estate of the deceased Policyholder at any bank. Then, the payment cheque can be presented to this bank account.

A legal representative can be one of the below.

  • Executor - when the deceased Policyholder leaves behind a Will. The executor is the person named in the deceased's Will to administer and distribute the deceased's estate according to the instructions in the Will. This executor has to apply to court to obtain the Grant of Probate.
  • Administrator - when the deceased Policyholder dies without a Will. Usually, the next-of-kin will apply to the court to obtain the Letters of Administration to be the Administrator.

We may allow this if the maturity amount is $100,000 or below, and if the original or certified true copies of these documents are produced:

With a Will (Payable to beneficiary)No Will (Payable to life assured)
Grant of ProbateLetters of Administration
Estate duty clearance certificate*Estate duty clearance certificate*
Schedule of Property of deceased Policyholder for filling with the court to obtain Grant of Probate. The Schedule must include the policy in concerned under the deceased Policyholder’s assetsSchedule of Property of deceased Policyholder for filling with the court to obtain Grant of Probate. The Schedule must include the policy in concerned under the deceased Policyholder’s assets
Deed of Arrangement on the distribution of a policy in concerned agreed by all beneficiaries named under the Will. #Deed of Arrangement on the distribution of a policy in concerned agreed by the beneficiaries named according to the Intestacy Succession Act (applicable for non-Muslims)
 Deed of Arrangement on the distribution of a policy in concerned agreed by the heirs specified under the Certificate of Inheritance (applicable for Muslims)
 Certificate of Inheritance (applicable for Muslims)

* Estate Duty is still chargeable in respect of estates where deaths occur before 15 February 2008.
# If the Will mentions specifically that the policy is to be given to a named beneficiary, there is no need to produce the Deed of Arrangement.

If the maturity amount is above $100,000, the cheque is only payable to the estate of the deceased Policyholder.

This Act specifies how the assets of the deceased Policyholder are to be distributed when a person passes away intestate (with no will). There is a certain priority to this distribution, briefly summarised in this table.

Person passes away intestate, leaving:Distribution
Spouse only, no children or parents100% to spouse
Spouse and children50% to spouse and 50% to children equally
Parent(s) and children100% to children equally
Spouse, parent(s), no child50% to spouse and 50% to parent(s) equally
Parent(s), no spouse, no child100% to parent(s) equally
100% to parent(s) equally100% to siblings equally

We may allow this if all the conditions below are met:

  • maturity amount is $30,000 or below
  • policyholder’s immediate family members including the life assured is 18 years and above
  • Written consent given by other immediate family member(s) with individual’s copy of NRIC and proof of relationship

Please note that your request is subjected to approval. If approved, we will ask for additional supporting documents and Indemnity.

Get in touch with us.

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