Surrender of Policies

Surrendering your policy can be a significant decision to make. Find out what you need to know here as we help you in any way we can.

What you need to know.

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.

You will receive your preferred form of payment within seven business days from the time we receive your completed documents.

If your policy was purchased with cash, you will receive either a cheque or a direct credit to your bank account, depending on the payment mode indicated in your application form.

If the policy was bought with CPFOA or SRS funds, we will pay directly to your investment account with your agent bank. For policies under CPFSA or CPF Retirement Sum Scheme (RSS), we will pay directly to CPF Board.

Forms have to be notarised if you are residing overseas. Please refer to the frequently asked questions below on “Surrender procedure & payment”.

1 What kind of policy do you wish to surrender?

2 send us your documents., for surrender of traditional life policy.

You may obtain the current surrender value^ and "Application for surrender of life policy" form here . 

Please complete our "Application for surrender of life policy" form and return it with a copy of your personal identification document (e.g. NRIC/FIN/passport). If you have submitted a FIN/passport, please provide an additional proof of address that is dated within the last six months. If you wish to receive the payment via bank transfer, please submit a copy of your bank passbook or recent bank statement for verification. You may submit the documents via any of the methods below: 

^Please note that actual surrender value may vary according to the day we receive your completed surrender documents. 

For partial/full withdrawal of ILP

You may submit an ILP withdrawal request via any of the methods below:

  • Online submission via  me@income [ILP Partial withdrawal only]
  • At an  Income branch
  • By email to  [email protected]
  • 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.

If you would like to continue your policy but are seeking assistance with premium payments, we may offer other ways to service your policy. For advice on options such as applying for policy loans, reducing of sum assured or premiums and converting to a paid-up policy, you may speak to your financial adviser or send us your query via our  online form .

If you would like to surrender your policy, please ensure that you have updated your personal particulars (i.e identification number/address/email address/contact information etc.) registered with us before submitting your surrender application to prevent any delay in processing. You may like to update your particulars via the following options:

  • Preferred option: Log in online here . For your convenience, you can retrieve your personal details from MyInfo in the Account Settings page after logging in.
  • Fill up, sign and attach documents to the “Change of Personal Particulars” form using your devices (i.e. Mobile, Tablet, and PC). Click here to sign! You would need to submit supporting documents.

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 residing overseas, you may send us your request via our  online form and we will send you the surrender form. The form has 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 here  (Select "Others" > "Request for waiver of notarisation").

Please submit your completed surrender form with a copy of your identification documents (i.e. NRIC/FIN/Passport) and latest bank statement (dated within the last six months). For FIN and Passport holders, please provide an additional proof of address that is dated within the last six months.

If you do not have a bank account in Singapore, you can request for a telegraphic transfer (TT) of your surrender payment 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. Please below information to facilitate a TT. We may contact you if additional information is needed.

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

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 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 Entity to furnish the below documents.

  • Completed Application for Early Surrender Form
  • Business profile obtained from the governing body dated no more than three months prior
  • Latest Board of Resolution or Authorised signatories list
  • Photocopy of the NRIC/Long-Term Pass^/Passport^ (front and back) of person(s) appointed to act on behalf of the Entity.

^ If Long-Term Pass/Passport is submitted, please provide documentary proof of residential address. You may provide a recent copy of utility, telephone bill, bank statement or correspondence from a government agency (dated within the last 6 months)

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

The policy is required to retain a certain cash-in value following each partial surrender. This table shows the minimum cash-in value for the various plans.

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Surrender of Investment Fund Units

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Here are some common questions about 

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1. Can the Monthly Cash Benefit be accumulated with the company to accumulate interest?

The plan is designed to pay out the MCB. However, the policy owner may choose to accumulate the Monthly Cash Benefit with the respective insurers at a non-guaranteed interest rate. China Taiping's current non-guaranteed interest rate is 3.5% p.a. while NTUC Income's current non-guaranteed interest rate is 3.25% p.a..

2. Can the policy owner request to change the Monthly Cash Benefit from a paid-out option to accumulated option and vice versa after the policy is incepted?

Yes, the policy owner may request to change the paid-out option to accumulated option anytime during the payout period and vice versa.

3. Can the accumulated Monthly Cash Benefit be withdrawn at any time?

Yes. Partial or full withdrawal of the accumulated Monthly Cash Benefit is allowed at anytime during the policy term.

4. Does the policy owner need to provide proof of survivorship on the life insured to receive the Monthly Cash Benefit?

The insurer reserves the right from time-to-time to request for satisfactory proof that the life insured is alive before paying the Monthly Cash Benefit.

5. What happens if the insuerer is not notified immediately of the life insured’s death and continues to pay out the Monthly Cash Benefit?

Any Monthly Cash Benefit paid on or after the date of the life insured’s death will be deducted from the death benefit proceeds

6. Can I change the Life Insured?

No, once the policy is incepted, the Life Insured cannot be changed. 

7. What is the purpose of appointing different Policy Owners and is there a limit to the number of times the Policy Owner can be changed?

The Policy Owner will be the person receiving the Monthly Cash Benefits. No, there is no limit to the number of times the Policy Owner can be changed. 

8. I want to purchase this plan with the intention of passing on my legacy to my Grandchild. How can I do this? 

This can be done by setting up the policy with your Grandchild as the Life Insured and your son/daughter (your Grandchild's parent) as the Policy Owner. The policy can immediately be assigned* to yourself upon inception. This transfers the ownership rights to you and will mean that the Monthly Cash Benefits will be received by yourself. This allows you to enjoy the Monthly Cash Benefits in your retirement. 

You can also be the payor of the policy, and this will be clearly stated in the policy documents. 

The policy can be assigned back to your son/daughter at any point over the policy term, and even directly to the your Grandchild if he/she is above the age of 18. 

* Subject to T&Cs on absolute assignment. 

InsureDIY is a Broker licensed by the Monetary Authority of Singapore and is an Exempt Financial Adviser. This advertisement has not been reviewed by the Monetary Authority of Singapore.

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