Maturity Payments

For policies bought with cash and if you have not provided direct crediting instructions for your payouts, PayNow NRIC/FIN will be the default payout method. For hassle-free and speedier payouts, please ensure that your PayNow is linked to your NRIC/FIN. Visit income.com.sg/payout/paynow for more details on PayNow.

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. 

You will need to inform us at least 21 days before the maturity due date if you want to credit your maturity proceeds to your personal bank account. You can submit your request via My Income (Select “Pay Maturity Proceeds To Bank A/C”) together with a clear copy of your bank book or recent bank statement dated within last 6 months.

Please note that we can only accept maturity instructions 2 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 maturity 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.

You can send your enquiry via our online form or 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 for telegraphic transfer (TT) of maturity proceeds to your personal bank account overseas. 

Your TT request is subject to approval and all bank charges will be borne by you. Please note that TT may take up to 14 working days, from the day we receive complete information from you and/or the day we process your payment.

You may send us your request with a copy of your latest bank statement (dated within the last six months), Identification documents (i.e. NRIC/FIN/Passport) and provide the below information to [email protected]. For FIN and Passport holders, please provide an additional proof of address that is dated within the last six months. 

We may contact you if additional information is needed.

• 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.
• Beneficiary bank: The bank that the policy owner open their account with. 

A third party policy is an insurance policy taken out by one person on the life of another, such as a parent insuring the life of his child or a spouse insuring their partner. When the policyholder passes away, the policy continues as long as there are premiums paid to maintain the policy.

Upon maturity, if there are no direct crediting instructions for the payouts, PayNow NRIC/FIN will be the default payout method. To change the payout method to Direct Crediting, the legal representative(s) will need to provide us with the Grant of Probate or Letter of administration. The payout will be credited to the bank account in the name of the estate of the deceased policyholder.

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.

No, the legal representative(s) can use the Grant of Probate or Letter of Administration to open a bank account in the name of the estate of the deceased Policyholder. Then, the payout will be credited to this bank account.

No, please obtain a Letter of Administration or Grant of Probate and open an estate account to receive the maturity sum.