Change of Flexible Options - RetireSavvy
This option enables you to make changes to your RetireSavvy plan, such as deferring the retirement age, changing the income payout period, changing the retirement income rate, or adding a premium top-up.
For Defer Retirement Age, Change Income Payout Period, or Change Retirement Income Rate options
These changes must be made at least 2 years before reaching your selected retirement age.
For the Premium Top Up option
Once we receive your application, we will email you the Policy Illustration (PI), along with payment instructions. To complete your request, please submit the signed PI and payment for the Premium Top Up.
This can be done any time 1 year after policy inception and up to 5 years before reaching your selected retirement age.
- Download and complete the Change of Flexible Options Form.
- Upload the completed form, along with any supporting documents (if applicable), to our customer portal, MyManulife or via the Manulife SG App (refer to steps below).
- Alternatively, you can mail the completed original hard copy form to the following address:
Manulife (Singapore) Private Limited
8 Cross Street
#15-01 Manulife Tower
Singapore 048424
Please ensure that the form is signed in wet ink. Click here to obtain the Business Reply Envelope for your submission.
If you do not have a MyManulife account, you can easily follow the step-by-step instructions here to create your account.
How to upload form to MyManulife
1. Log into your account via MyManulife or the Manulife SG App.
2. Click on "Servicing".
3. Under "Upload Forms", click on "Other Transactions". Follow the instructions on the page to submit the completed form.
What are the criteria for making changes to my RetireSavvy plan?
Premium Top Up
- Premium top-up can be performed any time 1 year after policy inception and up to 5 years before reaching your selected retirement age per stated in your policy.
- Minimum: each premium top-up amount must be at least $3,000.00
- Maximum: the total premium top-up(s) amount (in multiples of $10) in each policy year must not exceed the total annual mode basic premiums payable for the basic plan
- If premium freeze has been applied to the policy, premium top-up is not allowed thereafter.
Defer Retirement Age, Change Income Payout Period, Change Retirement Income Rate
The request must be made at least 2 years before reaching your selected retirement age.
For Defer Retirement Age, it can only be changed to a “later” (deferred) retirement age but not to an earlier retirement age.
When will my request take effect?
There is a two-step process to effect Premium Top Up.
- Upon receipt of your completed form, we will take around 8 business days to generate and send you the Policy Illustration (PI) for your review. Upon signing the PI, please email it to us and make payment for your top up.
- Upon receipt of your PI and with full payment made, we will take about 6 business days to effect the top up.
For the other transactions (Defer Retirement Age, Change Income Payout Period, Change Retirement Income Rate), we will take about 3 business days to effect upon receipt of the completed form.
Who will need to sign the form?
For non-trust policies:
- The Assignee or Policyowner must sign the form.
For Trust policies under Section 132 of the Insurance Act (formerly known as S49L):
- The Policyowner and any one Trustee who is not the Policyowner, or
- All Beneficiaries who are at least 18 years old must sign the form.
- If any Beneficiary is under 18 years old, a legal guardian or parent who is not the Policyholder can provide consent.
For a Trust policies under Section 73 of the Conveyancing and Law of Property Act:
- The Policyowner and all Trustees, or
- All Beneficiaries who are at least 21 years old must sign the form.
- If any Beneficiary is under 21 years old, a legal guardian or parent who is not the Policyholder can provide consent.
