Surrender of Policies

Surrender of Policies

If you are planning to surrender your policy (terminate the policy before its maturity), you can refer to the information below.

Before surrendering a policy

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.

How to surrender a policy

  1. Please complete the following forms:
    1. Application for Early Surrender Form
    2. Surrender Discharge Voucher indicating the cash value of your policy
      • This form is not required for life policies without cash value.
      • To obtain this form, you will need to contact NTUC Income.
      • The cash value amount indicated will only be valid for 14 days from the date it is generated. The cash value may change if you surrender your policy beyond this period.
    To obtain copies of either form, you can contact us via any of the methods below:
    Email: csquery@income.com.sg
    Phone: 6788 1122
    Branch: Find an NTUC Income branch

  2. Return us the completed forms with your personal identification document by any of the methods below:
    Email: life.health@income.com.sg
    Fax: 6338 1500, attention “Life Insurance”
    Branch: Find an NTUC Income branch
    Post:
    NTUC Income Centre
    75 Bras Basah Road
    Singapore 189557

  3. Do provide a copy of bank book or recent bank statement showing your name, bank name and account number (if you opt for direct crediting to your personal bank account)

  4. Please ensure that your NRIC/identification number registered with us is the same as the bank’s record (if you opt for a cheque to be posted to you). The cheque would be rejected if you open your bank account with a different identification number.

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

The following personal identification document is needed for verification purposes.

For Singaporeans or Singapore permanent residents
  • Clear copy of NRIC (front and back)
For Foreigners staying, studying or working in Singapore
  • Clear copy of passport showing validity dates, passport number, photograph, nationality, date of birth and name; and
  • Clear copy of Singapore employment pass, S pass, work permit, student pass or dependent's pass (front and back); and
  • Clear copy of a document (issued within the last 6 months e.g. utility bills, phone bill) that shows your name and address. The passport, passes or permits must be valid for at least 6 months.

All required documents should be submitted before 3pm of the day you wish to begin the surrender process. Any submission after 3pm will be considered as the next working day’s submission. The bid price will only be available two working days later (forward pricing).

  1. You may submit your ILP surrender request through me@income if you have an account

  2. Alternatively, please complete the Application for withdrawal of investment-linked policy form.
    If you wish to obtain a hard copy of this form, please contact us via any of the methods below:
    Email: csquery@income.com.sg
    Phone: 6788 1122
    Branch: Find an NTUC Income branch

  3. Return us the completed forms with your personal identification document by any of the methods below.
    Email: life.health@income.com.sg
    Branch: Find an NTUC Income branch

  4. Do provide a copy of bank book or recent bank statement showing your name, bank name and account number (if you opt for direct crediting to your personal bank account)

  5. Please ensure that your NRIC/identification number registered with us is the same as the bank’s record (if you opt for a cheque to be posted to you). The cheque would be rejected if you open your bank account with a different identification number.

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

The following personal identification document is needed for verification purposes.

For Singaporeans or Singapore permanent residents
  • Clear copy of NRIC (front and back)
For Foreigners staying, studying or working in Singapore
  • Clear copy of passport showing validity dates, passport number, photograph, nationality, date of birth and name; and
  • Clear copy of Singapore employment pass, S pass, work permit, student pass or dependent's pass (front and back); and
  • Clear copy of a document (issued within the last 6 months e.g. utility bills, phone bill) that shows your name and address. The passport, passes or permits must be valid for at least 6 months.

After surrendering a policy

  • If you have a traditional life policy, you will receive your preferred form of payment within six working days from the time we receive your completed documents.
  • If you have an investment-linked policy, you will receive your preferred form of payment within eight working 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. You may call your agent bank to authorise an immediate transfer if you need an urgent transfer of these funds to CPF Board. For CPFSA policies, we will pay directly to CPF Board.

Frequently asked questions