What you need to know.
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 1777.
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You will receive your preferred form of payment within seven business days from the time we receive your completed documents.
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If your policy was purchased with cash, we will make the payment to you either through PayNow registered with your NRIC/FIN or by direct credit to your bank account, depending on the payment mode indicated in your application form.
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If the policy was bought with CPFOA or SRS funds, we will pay directly to your investment account with your agent bank. For policies under CPFSA or CPF Retirement Sum Scheme (RSS), we will pay directly to CPF Board.
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Forms have to be notarised if you are residing overseas. Please refer to the frequently asked questions below on “Surrender procedure & payment”.
1
What kind of policy do you wish to surrender?
2
Send us your documents.
For surrender of traditional life policy
You may obtain the current surrender value^ and "Application for surrender of life policy" form here.
Please complete our "Application for surrender of life policy" form and return it with a copy of your personal identification document (e.g. NRIC/FIN/passport). If you have submitted a FIN/passport, please provide an additional proof of address that is dated within the last six months. If you wish to receive the payment via bank transfer, please submit a copy of your bank passbook or recent bank statement for verification. You may submit the documents via any of the methods below:
- Branch: Find an Income branch
- Email: csquery@income.com.sg
^Please note that actual surrender value may vary according to the day we receive your completed surrender documents.
For partial/full withdrawal of ILP
You may submit an ILP withdrawal request via any of the methods below:
- Online submission via me@income [ILP Partial withdrawal only]
- At an Income branch
- By email to csquery@income.com.sg
When sending attachment(s) of all required documents and completed surrender form via email, please ensure that the overall size of your attachment(s) does not exceed 30MB.
Your queries answered.
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.
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.
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.
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.
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).
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.
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.
No. This will not be necessary.
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.
If you do not receive your payout, please reach out to us via your preferred mode of contact at income.com.sg/contact-us.
We need the Entity to furnish the below documents.
- Completed Application for Early Surrender Form
- Business profile obtained from the governing body dated no more than three months prior
- Latest Board of Resolution or Authorised signatories list
- 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.
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