Receive your policy proceeds fast and conveniently with PayNow

About

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PayNow NRIC/FIN is an electronic fund transfer that allows you to receive funds conveniently using your NRIC or FIN without the need for bank account details or documents.

You can register for PayNow NRIC/FIN via internet banking with any of the PayNow NRIC/FIN participating banks. During registration, you are required to link your NRIC/FIN to your bank account.

Log in to your bank’s internet banking portal or mobile banking app. As the screens and process may vary from bank to bank, please visit your bank’s website for more information.

Yes. PayNow NRIC/FIN is secure and adopts the same high security standards established by the banking industry in Singapore for funds transfer. Payouts are only made to NRIC/FIN linked to PayNow account.

You will receive Life insurance policy payouts, including:

  • Maturity
  • Annuity
  • Cash Benefits
  • Recurring Payouts

Important notes:

  • The above list will be expanded when more types of payouts are included.
  • Your PayNow profile must be linked to your NRIC/FIN for you to receive payouts from Income.
  • All future policy payouts will be paid out via PayNow NRIC/FIN once other policy types become available for PayNow NRIC.

Income will pay in Singapore Dollars (SGD) only for payouts via PayNow NRIC/FIN.

PayNow NRIC/FIN is a convenient mode of receiving payout. These are the benefits for choosing PayNow NRIC/FIN:

  • Payouts are directly credited into your PayNow NRIC/FIN. Save your trip to present the cheque. No need to worry about missing cheques or wrong account numbers!
  • No additional documentation such as proof of identity or bank statements is required.
  • You can change your preferred crediting bank account at your convenience 24/7 without submitting a new request to Income.
  • No need to deposit cheques.

There are no fees charged to Income's customers.

By opting in to receive payouts via PayNow NRIC/FIN, you agree to Income’s privacy statement.

Read Income's privacy statement and Terms and Conditions.

No change to the payout method for your policy payouts if the current arrangement is direct credit (GIRO).

How to Opt-in

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Please note that you will need to register for PayNow NRIC/FIN first before you can receive policy payouts from Income into your bank account via PayNow NRIC/FIN. View full list for participating banks here.

You can opt-in to receive your future policy payouts from Income via this form. Terms & Conditions apply.

No, you will need to register for PayNow NRIC/FIN first before you can receive policy payouts from Income into your bank account via PayNow NRIC/FIN.

To support Singapore Nation Goal to go chequeless by 2025, we will progressively be making this new service available to our customers and encourage our customers to opt-in to enjoy this services.

There are several reasons which you may not be able to opt-in to receive future policy payout(s) from INCOME successfully via the SMS sent from INCOME:

  1. You did not register PayNow NRIC/FIN with your bank
  2. The enrolment period has expired
  3. The text replied is invalid

You can opt in via our online form, and we will process your request within 3 working days. Please ensure that you have register PayNow NRIC/FIN with you bank before submit your request to us.

Yes, you can, please opt in via income.com.sg/paynow. This service has been enabled for selected transactions.

We will progressively enable this service for all payout transactions.

Payments can only be made to individual policyholders, trustee(s) or assignee of a policy.

 

 

For Maturity, Cash Benefits and Annuity Payouts

Other Payouts
Current Payout Method Cheque Auto Deposit GIRO

PayNow NRIC/FIN for other payout types progressively.

All existing cheque payouts will be replaced with PayNow NRIC/FIN if customer has opted-in.

Future Payout Method PayNow NRIC/FIN

Auto Deposit

(no change)

GIRO

(no change)

 

Policy Payouts

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There could be a few reasons why we were not able to disburse the payout to you via PayNow NRIC/FIN. These include:

  • The type of payout is currently not eligible to be disbursed through PayNow NRIC/FIN (please refer to the question on “What payouts from Income will I receive by PayNow NRIC/FIN?”), or
  • Your PayNow profile is not linked to your NRIC/FIN, or
  • The payout is not denominated in Singapore Dollars (SGD), or
  • Your policy premiums were paid from your Central Provident Fund (CPF) account or Supplementary Retirement Scheme account, or
  • Your policy has an existing Trust Arrangement, the policy owner is an entity or if the policy is assigned
  • It would not overwrite existing non-cheque payout arrangement made to the policy. For example, if your regular payout paid via GIRO or deposit with Income to earn interest, the current payout method will remain unchanged.

Income will send an SMS^ to notify you if the payout via NRIC/FIN is unsuccessful.

We will retry the PayNow NRIC/FIN transfer after three working days later.

To ensure that you receive future payouts successfully via PayNow NRIC/FIN, kindly ensure that you have registered PayNow using your NRIC/FIN.

If the second attempt is still unsuccessful, we would issue a cheque and mail it to you at your last registered mailing address with Income in replacement of the failed PayNow NRIC/FIN transaction within 7 working days.

^We will send an email to you if we do not have your mobile number. Please ensure that your contacts is updated with us, you can update your contact details here.

Please send us your query via this online form and we will attend to it as soon as possible. Alternatively, you may also contact your Income Advisor for more information.

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