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. If you have already signed up for PayNow service with your bank, using your NRIC or FIN, you can opt in to receive future payouts via PayNow. Instead of waiting for cheques to be mailed to you, opt-in for PayNow to receive faster payouts, direct to your account.
* This service has been enabled for selected transactions. From now until the end of 2021, we will progressively enable this service for all payout transactions.
Before you Opt-In
✓ 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
✓ By opting in, you agree to the terms and conditions for the receipt of funds via PayNow.
For which transactions can I receive payouts via PayNow?
You can now opt in to receive payouts via PayNow 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
b. Non-shield Hospitalization c. Death
d. Critical Illness
e. Total Permanent Disability
f. Female/Male Benefit
g. Terminal Illness
- 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:
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.