Receiving Payments

You may choose to receive payments from Prudential via various means


There are many ways you can choose to receive a payment from Prudential. Cashless payment is a safe and convenient way to receive payment, and we have many options for you, such as PayNow, Direct Credit and Cheques.

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

From the second half of 2021, all payments will be credited to you via transfer to your PayNow NRIC/FIN ID, if you do not have an existing recurring direct credit or other payment arrangements. T&Cs apply.



PayNow

Pay Now-Our Default Payment Mode to You

Receive your policy payouts and proceeds, including refunds, claims, withdrawal and more*, in a fast and convenient way with PayNow.

From the second half of 2021, all payments will be credited to you via transfer to a bank account that is linked to your PayNow NRIC/FIN ID. This is unless you have an existing recurring direct credit or other payment arrangements in place.

To successfully receive payment, you will need to register for PayNow with your bank and link it to your NRIC or FIN. Here’s how,

  • Log in to your bank’s internet or mobile banking account
  • Sign up for PayNow
  • Link your PayNow to your NRIC/FIN

As our payments can only be made to policy owners, we are not able to make a transfer to you, if you only linked PayNow to your mobile phone. Do ensure that you have linked your PayNow to your NRIC/FIN to avoid delays in receiving your payouts.

What If I don't have PayNow?

If you do not currently have an internet banking account with your bank or have not signed up for PayNow, we would encourage you to sign up for this service. With PayNow you can receive faster and more reliable payments and avoid missing cheques or waiting for cheques to be mailed and cleared.

You can also choose to sign up for Direct Credit so payouts are credited directly into your bank account. Find out more.

In the event we are unable to pay you via PayNow or Direct Credit, we will arrange for a cheque to be mailed to you. Be sure to keep us updated of your latest address. To check your latest records with us, you can login to PRUaccess to view your personal details.

Receiving pay-outs to me via PayNow NRIC/ FIN.

We have integrated PayNow to provide you with a fast and convenient way to receive your policy proceeds. With this service, you can receive future payouts from your policies, such as refunds, claims, withdrawal and more*, via PayNow.

All you need to do is to ensure you have already signed up for PayNow service with your bank, using your NRIC or FIN. Instead of waiting for cheques to be mailed to you, PayNow lets you receive faster payouts, direct to your account.

* This service has been enabled for selected transactions. From now until the mid-2022, we will progressively enable this service for all payout transactions.

Receive payments via PayNow

Check that you’ve registered for PayNow using your NRIC or FIN with your bank.

Please note that this service:

Is only applicable for customers whose Singapore NRIC/FIN is in our policy records

Is only available for payouts in SGD and is currently available for selected payouts only

Will apply for policies where you do not already have an existing direct credit arrangement

Is not applicable for PayNow Mobile or PayNow UEN

Terms and conditions for the receipt of funds via PayNow apply.

For which transactions can I receive payouts via PayNow?

Payouts via PayNow is available for the following transactions:

  • Premium Refund due to
    • Application not taken up
    • Policy Alteration
    • Unsuccessful Policy Application
    • Excess premium
    • Free look cancellation
  • Annuity Payout
  • Cash Bonus Withdrawal
  • Maturity Payout
  • Partial withdrawal (for PRUlink policy, PRUSelect series policy or PRUUniversal Vantage policy)
  • Life Claims Payment
    a. Accident
    b. Non-shield Hospitalization
    c. Death
    d. Critical Illness
    e. Total Permanent Disability
    f. Female/Male Benefit
    g. Terminal Illness
    h. Unemployment
  • Termination of policy (where there is a cash balance)
How do I sign up for PayNow NRIC/FIN?


Direct Credit

Direct Credit

You can choose to receive payments directly to your bank account, in Singapore or overseas. Please complete the Payment Instruction form and submit it to us with a copy of your bank book or bank account statement, stating the account holder name and account number. For overseas remittance or bank drafts, the exchange rate differences and any administrative charges will be borne by the Policyholder(s), Trustee(s) or Assignee.


Cheques

Cheques

If you do not specify a payment method, we will mail a cheque to your registered mailing address with us. Be sure to keep us updated of your latest address. To check your latest records with us, you can login to PRUaccess to view your personal details.