Payout via PayNow FAQs | Income Insurance

With this service, you can receive future payouts^ from your Life insurance policies via PayNow NRIC/FIN.

Payee can receive funds via PayNow NRIC/FIN if he/she has a Singapore bank account with one of the PayNow NRIC/FIN participating banks and has registered his NRIC/FIN as a PayNow Proxy with the participating bank. Instead of waiting for cheques to be mailed to you, opt-in for PayNow NRIC/FIN to receive faster payouts, direct to your account.

^ This service has been enabled for selected transactions. We will progressively enable this service for all payout transactions.

Terms & conditions apply.

Frequently Asked Questions

What is PayNow NRIC/FIN?

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.

How do I check if my NRIC/FIN has been linked to my PayNow Profile?

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.

Are transfers via PayNow NRIC/FIN secure?

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.

Which payouts from Income will I receive by PayNow NRIC/FIN?

You will receive Life insurance policy payouts, including:

Maturity
Annuity
Cash Benefits
Recurring Payouts
Policy Loan Payout

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.

What are the currencies supported by PayNow NRIC/FIN?

PayNow is only available for local (Singapore dollar) fund transfers.

Why should I choose to receive my policy payouts through PayNow NRIC/FIN?

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

Faster and safer. Payouts are directly credited into your account through PayNow NRIC/FIN. Save a trip to the bank to present the cheque - no need to worry about missing cheques or wrong account numbers!
Hassle-free. You can change your preferred crediting bank account for your PayNow NRIC/FIN at your own convenience with your bank.

Are there any fees chargeable to me for opting in to receive payouts via PayNow NRIC/FIN?

There are no fees charged to Income's customers.

Are there any terms and conditions I need to agree to use the PayNow NRIC/FIN service?

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.

I'm currently receiving my annuity/cash benefits payout via direct credit (GIRO), will there be any changes to the arrangement if I opt-in to receive payouts via PayNow NRIC/FIN?

No, you will continue to receive your current payout via direct credit (GIRO) even if you have opted-in to receive payouts via PayNow NRIC/FIN. Only those whose current payout is via cheque will receive the payout via PayNow NRIC/FIN when they opt-in.

How to Opt-in

How do I register to receive funds from Income via PayNow NRIC/FIN?

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.

For more information and steps to sign up, please contact your bank or check out the FAQs provided by the various participating banks below:

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

I have PayNow Mobile, can I sign up to receive funds from Income via PayNow Mobile?

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.

Why did I receive SMS and e-mail from Income informing me that my future policy payout(s) will be via PayNow NRIC/FIN?

To support Singapore's Smart 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 service.

If your policy(ies) have matured or been terminated prior to the effective date of the changes, the changes will be applied to your future policy payout(s).

I’m an Income customer but I currently do not have any policies with the payout method mentioned above, can I still sign up?

Yes, you can, please opt in here. Please ensure that you have registered for PayNow NRIC/FIN with your bank before submitting your request. 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)

How to opt-out?

How do I opt-out if I wish to continue receiving cheques for my policy payout?

Please submit your request here.

Policy Payouts

I am due to receive a payout from Income. Why was the payout amount not paid to me through PayNow NRIC/FIN?

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.

What happens if I do not receive the funds via PayNow NRIC/FIN?

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

We will make a second attempt to pay you via PayNow NRIC/FIN after three working days.

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.

I need clarifications on the funds received from Income into my PayNow NRIC/FIN account. What should I do?

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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