PayNow
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,
1. Log in to your bank’s internet or mobile banking account
2. Sign up for PayNow
3. 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.
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.
We have integrated PayNow to provide you with a fast and convenient way to receive your policy proceeds.
Receive your policy payouts and proceeds, including refunds, claims, withdrawal and more*, in a fast and convenient way with PayNow.
This service is ONLY APPLICABLE for:
- customers whose Singapore NRIC/FIN is in our policy records
- payouts in SGD and is currently available for selected payouts only
- policies where you do not already have an existing direct credit arrangement
Which transactions can I receive via PayNow?
You can receive payouts via PayNow for the following transactions:
- Premium Refunds for
- 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. Non-shield Hospitalization
d. Death e. Critical Illness
f. Total Permanent Disability
g. Female/Male Benefit
h. Terminal Illness
i. Unemployment
- Termination of policy (where there is a cash balance)
* We will progressively roll out this service for more pay-out transactions by mid-2021.
To register for PayNow using your NRIC/FIN, please log in to your bank’s internet or mobile banking account to sign up for this service. For more information and steps to sign up, please contact your bank or check out the FAQs provided by the various participating banks below:
POSB: https://www.dbs.com.sg/personal/deposits/pay-with-ease/paynow
OCBC: https://www.ocbc.com/personal-banking/digital-banking/paynow
SC: https://www.sc.com/sg/bank-with-us/paynow/
BOC: http://www.bankofchina.com/sg/custserv/cs6/201804/t20180426_12102708.html
Citi: https://www.citibank.com.sg/gcb/otherservices/payments-transfers.htm
HSBC: https://www.hsbc.com.sg/ways-to-bank/transfers/paynow/
ICBC: http://v.icbc.com.cn/userfiles/Resources/ICBC/haiwai/Singapore/download/2018/Paynow_en.pdf
Maybank: https://www.maybank2u.com.sg/en/personal/payments/local/fund-transfers/paynow.page
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.