Frequently Asked Questions

Surrender procedure payment

  • Q:What do I need to take note of before surrendering my policy?

    A:

    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 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.

  • Q:How will I receive my surrender payment?

    A:

    You will receive your payment in the preferred mode as 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 CPF Board.

  • Q:If the policyholder has taken up a policy insuring his child, and subsequently passes away, can the legal representatives of the Estate of the policyholder terminate the policy?

    A:

    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.

  • Q:What happens if the policy is assigned under absolute assignment[1]?

    A:

    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.

  • Q:What happens if the policy is a trust created under Section 73 of the Conveyancing and Law of Property Act?

    A:

    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).

  • Q:What happens if a policy is a trust (Irrevocable Nomination) created under Section 132 of the Insurance Act, 1966?

    A:

    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.

  • Q:What if I am no longer residing in Singapore, and I do not have a bank account in Singapore?

    A:

    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.

    Details required for Telegraphic Transfer:
    Remittance currency
    Intermediary Bank name for remittance (applies to all currency)
    Account number that the beneficiary bank held with intermediary bank
    Full swift code of Intermediary Bank
    Name of Bank Account holder
    Beneficiary Bank Name
    Beneficiary Bank Account number
    SWIFT code
    IBAN Number
    BSB code (for Australia only)
    Fedwire/CHIPS Universal ID/CHIPS Participant ID or ABA (for USA only)
    IFSC code (for India only)
    Beneficiary Bank Address
    Country and State

    Note:

    • 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.

  • Q:Do I have to return my original policy document?

    A:

    No. This will not be necessary.

  • Q:Can I request for the surrender proceeds to be paid to another person, i.e. a third party?

    A:

    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.

  • Q:What should do if I did not receive the surrender payout?

    A:

    If you do not receive your payout, please reach out to us via your preferred mode of contact at income.com.sg/contact-us.

  • Q:What if the policyholder (or Assignee) is an Entity?

    A:

    We need the Entity to furnish the below documents.

    1. Completed Application for Early Surrender Form
    2. Business profile obtained from the governing body dated no more than three months prior
    3. Latest Board of Resolution or Authorised signatories list
    4. 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.

Partial surrender

  • Q:If I only want to surrender some units under my Investment-linked policy, what is the maximum number of units I can surrender?

    A:


    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.


    ILP Product Minimum remaining cash value after the partial withdrawal Minimum partial withdrawal amount
    Flexilink/Ideal $2000 $500
    Vivolink/Growthlink $1,750 per fund or total cash value $3,500(all funds)
    Vivalink Total cash value $1,000(all funds)
    Flexicash $5000