Frequently Asked Questions

Maturity

  • Q:How will I receive my maturity payment?

    A:

    For policies bought with cash and you have already opted for PayNow as your Preferred Payout Option, you will receive your maturity payment via PayNow registered with your NRIC/FIN by the maturity date. Else, we will send you a cheque unless otherwise instructed. For hassle-free and speedier payouts, please ensure that your PayNow is linked to your NRIC/FIN. Visit income.com.sg/payout/paynow for more details on PayNow. 

    For policies bought with CPFOA or SRS funds, we will pay directly to your investment account with your agent bank. For CPFSA policies, we will pay directly to the CPF Board. 

  • Q:How can I credit my maturity payment to my personal bank account?

    A:

    From two months to at least 21 days before the policies mature, you may choose to credit your maturity proceeds to your personal bank account by submitting your request and a clear copy of your bank book or recent bank statement dated within last six months here.

    Please note that we will only accept maturity instructions two months before your policy mature.

  • Q:Do I have to instruct you to stop deduction of premium after my policy has matured?

    A:

    No. Once the policy has matured, premium deduction will cease immediately.

  • Q:I have a policy loan under the policy, what should I do to repay the loan once the policy has matured?

    A:

    We will deduct the policy loan and its interest from the maturity proceeds and only the net amount will be paid to you.

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

    A:

    If the policy is assigned under absolute assignment1, the maturity proceeds will be paid to the assignee.

    1An 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 under trust created under Section 73 of the Conveyancing and Law Property Act?

    A:

    Proceeds will be paid to the beneficiaries (at least age 21). Alternatively, the proceeds can be paid to all trustees.

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

    A:

    Proceeds will be paid to the beneficiaries (at least age 18). Alternatively, the proceeds can be paid to any trustee who is not the policyholder.

  • Q:My policy has matured but I have not received the proceeds, what should I do?

    A:

    You can send your enquiry via our online form or contact our Customer Service Officers on 6788 1122 to find out the status of your policy and payment.

  • Q:My policy was bought with CPFOA and CPFSA funds. When my policy matures, I will be above 55 years old. Will the proceeds be paid to me directly?

    A:

    Not necessarily. Proceeds can only be paid to you directly if you have you have closed your investment accounts (CPFIS-OA, CPFIS-SA). Your investment accounts will only be closed under these two situations:

    1. You have applied to CPF Board to withdraw all the excess balances in your Ordinary Account and Special Account (after setting aside the required Minimum Sum and Medisave Required Amount). When you do this, your investment accounts (CPFIS-OA and CPFIS-SA) will be closed. More specifically, CPF Board will close your CPFIS-SA and inform us. For your CPFIS-OA, CPF Board will inform your agent bank to close your investment account and the agent bank will then inform us.
    2. You did not withdraw all the excess balances in your Ordinary Account and Special Account. But you have applied to CPF Board to withdraw your investments under CPFISA-OA and CPFIS-SA.

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

    A:

    If you do not have a bank account in Singapore, you can request for telegraphic transfer (TT) of maturity proceeds 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.

    You may send us your request with a copy of your latest bank statement (dated within the last six months), Identification documents (i.e. NRIC/FIN/Passport) and provide the below information to csquery@income.com.sg. For FIN and Passport holders, please provide an additional proof of address that is dated within the last six months. 

    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
    • SWIFT code: It is a standard format of Bank Identifier Codes (BIC) and it is 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 open their account with. 

  • Q:What happens to the maturity payment of a third party policy after the policyholder passes away?

    A:

    A third party policy refers to a policy that was taken up by a parent, insuring the life of his child. It is also applicable when a person takes up a policy on the life of a spouse as well. When the policyholder passes away, the policy continues as long as there are premiums paid to maintain the policy.

    Upon maturity, we will pay the maturity payout to the estate of the deceased policyholder, or to the designated trustee or nominee via a cheque. For hassle-free and speedier payouts, kindly furnish us with the crediting instructions 2 months prior to the maturity date to facilitate the necessary arrangements.

  • Q:How can the late policyholder’s family present the maturity cheque made payable to the estate?

    A:

    The legal representative(s) can use the Grant of Probate or Letter of Administration to open an account in the name of the estate of the deceased Policyholder at any bank. Then, the payment cheque can be presented to this bank account.

  • Q:Who is the legal representative?

    A:

    A legal representative can be one of the below.

    • Executor - when the deceased Policyholder leaves behind a Will. The executor is the person named in the deceased's Will to administer and distribute the deceased's estate according to the instructions in the Will. This executor has to apply to court to obtain the Grant of Probate.
    • Administrator - when the deceased Policyholder dies without a Will. Usually, the next-of-kin will apply to the court to obtain the Letters of Administration to be the Administrator.

  • Q:Can the Executor or Administrator request to have the maturity amount paid directly to the life assured or beneficiary?

    A:

    No, the legal representative(s) can use the Grant of Probate or Letter of Administration to open a bank account in the name of the estate of the deceased Policyholder. Then, the maturity cheque can be presented to this bank account.

  • Q:There is no legal representative. Can the life assured request for the maturity sum to be paid to him?

    A:

    No, please obtain a Letter of Administration or Grant of Probate and open an estate account to receive the maturity sum.