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PayNow NRIC/FIN

In support of Singapore’s vision to be chequeless by 2025, our default policy payout method will progressively be changing to PayNow NRIC/FIN from October 2024.

PayNow NRIC/FIN is an electronic fund transfer service that allows you to receive Singapore Dollars funds conveniently as long as you register PayNow by using NRIC/FIN with any of the PayNow participating banks. Terms and Conditions apply.

However, if you have an existing GIRO arrangement with us, of which you are the account holder, or if you are receiving regular payout via Direct Credit, this change will not apply to you. You will continue to receive payouts via Direct Credit.

Direct Credit

This is an electronic fund transfer that allows you to receive Singapore Dollars funds into your Singapore Bank account. You would need to provide bank account details and/or supporting document to Income Insurance to process the payment.

Telegraphic Transfer

This is an electronic fund transfer that allows you to receive funds into your Overseas Bank account and/or to receive foreign currency funds. You would need to provide bank account details and/or supporting document to Income Insurance to process the payment.

Corporate Customers

For corporate customers, the following will be the new default payout methods:

General Insurance
PayNow UEN*

It is an electronic fund transfer service that allows you to receive Singapore Dollars funds conveniently as long as you register PayNow by using UEN issued in Singapore with any of the PayNow participating banks. You would need to provide 3-digit alpha-numeric suffix (if any) to Income Insurance should you have created multiple PayNow proxies to your company’s UEN. Terms and Conditions apply.

*Singapore UEN number or UEN number + suffix.

Life & Health Insurance
Direct Credit

This is an electronic fund transfer that allows you to receive Singapore Dollars funds into your Singapore Bank account. You would need to provide bank account details and/or supporting document to Income Insurance to process the payment.

Individual Customers

1. How do I receive funds from Income Insurance?

There are 3 digital payout options available to receive your funds:

PayNow NRIC/FIN
Direct Credit
Telegraphic Transfers for overseas payment or non-Singapore bank account

2. How do I register to receive funds from Income Insurance via PayNow NRIC/FIN?

3 simple steps to register your PayNow NRIC/FIN:

Step 1: Log in to your bank’s internet banking or mobile app account (must be PayNow participating banks)
Step 2: Register for PayNow
Step 3: Link your PayNow to your Singapore NRIC/FIN

You may refer to your bank’s FAQ if you encounter technical issues relating to PayNow NRIC/FIN registration.

3. Is PayNow NRIC/FIN the same as PayNow Mobile?

PayNow NRIC/FIN is NOT the same as PayNow Mobile.

4. Why should I receive my funds using PayNow NRIC/FIN?

PayNow NRIC/FIN is a convenient mode of receiving funds. These are the benefits for choosing PayNow:

Faster and safer. Payouts are directly credited into your account through PayNow NRIC/FIN. Save a trip to the bank to present the cheque. Need not to worry about missing/outdated cheques or wrong payee names/account numbers!
Hassle-free. You can change your preferred crediting bank account for your PayNow NRIC/FIN at your own convenience with your bank.

5. Would there be any change if I received my funds from Income Insurance via Direct Credit currently?

No, you will continue to receive your funds via direct credit, if you have GIRO arrangement with us of which you are the account holder, or you are receiving regular payout via Direct Credit. Otherwise, the default payout method is PayNow NRIC/FIN. If you have not registered for PayNow NRIC/FIN, we would like to encourage you to register for PayNow NRIC/FIN to enjoy hassle-free, secured and faster payout.
If you wish to change the payout method to PayNow NRIC/FIN, kindly contact us at your preferred mode of contact at income.com.sg/contact-us.

View all Individual Customers FAQs

Corporate Customers

1. How do I receive funds from Income Insurance?

There are 3 digital payout options available to receive your funds where applicable:

PayNow UEN
Direct Credit
Telegraphic Transfers for overseas payment or non-Singapore bank account

2. What is PayNow UEN?

PayNow UEN is an electronic fund transfer service that allows you to receive funds to your bank account linked to your Singapore UEN number or UEN number + suffix conveniently and efficiently.

3. How do I register to receive funds from Income Insurance via PayNow UEN?

Singapore incorporated entities, government agencies, associations, and societies which have a UEN issued in Singapore; and have Singapore bank accounts with one of the PayNow participating banks, can register PayNow with your bank via bank’s internet banking or contact your bank’s relationship manager. You may refer to your bank’s FAQ if you encounter technical issues relating to PayNow UEN registration.

4. Would there be any change if I received my funds from Income Insurance via Direct Credit currently?

For non-General insurance policies, you will continue to receive your funds via Direct Credit. PayNow UEN is currently not supported for non-General Insurance policies.
For General insurance policies, if you wish to change the payout method to PayNow UEN, kindly contact us at your preferred mode of contact at income.com.sg/contact-us.

5. I have PayNow, why am I not receiving my funds via PayNow?

There could be a few reasons why we were not able to pay you via PayNow UEN. These include:

The payout is not denominated in Singapore Dollars (SGD), or
Your PayNow profile is not linked to your UEN, or
You are currently receiving your funds via Direct Credit, or
The type of payout is currently not supported by PayNow UEN as Income Insurance is progressively changing the payout method from October 2024.