Policy cancellation during free look period
This option allows you to cancel your policy within the free look period, as outlined in your contract.
What you need to know
- You can cancel your policy within 14 days from the date you receive the policy contract. The policy contract will be sent to the email address you provided in your application or, in some cases, delivered by post to the address you provided. Please note that the contract is considered received 7 days after it is issued by email or post.
- Cancelling your policy during the free look period means the entire policy is terminated, and there will be no insurance coverage. We encourage you to speak with your Representative to discuss your options before making a decision.
- The processing time for free look cancellation is 4 business days not including the time required for payment, which varies based on the payment method. A confirmation of the cancellation will be sent to you once processed.
- For cash-funded policies, refunds will be paid to your credit card (if applicable) or via PayNow-NRIC/FIN. For CPF-funded policies, refunds will be paid to your agent bank or CPF Board, where applicable.
Instructions
- Download and complete Section G of the New Business Amendment form.
- If you have indicated an alternative bank account details in the form, please provide a copy of the bank statement for verification.
- 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.
How will I receive my refund for the cancelled policy?
Your payment will be refunded to the original payment method.
For cash-funded policies:
- Refunds will be credited through your credit card (if applicable) or via PayNow-NRIC/FIN.
- If PayNow is not available, we will use Electronic Funds Transfer (EFT).
For CPF-funded policies:
- CPF Ordinary Account (OA) / Supplementary Retirement Scheme (SRS) policy refunds will be credited to your investment account with your agent bank.
- CPF Special Account (SA) policy refunds will be paid to CPF Board.
When will I receive my refund if I cancel my policy?
The processing time for free look cancellation is 4 business days, not including the time required for payment processing, which varies based on the payment method:
- PayNow: T + 1 business day
- Electronic Fund Transfer (EFT): T + 3 business days
- CPF OA/SA/SRS: T + 3 business days
Note:
"T" is the date the free look cancellation process is completed.
For investment-linked polices, please expect some delay in processing in the event of a fund holiday or any pending transactions (including monthiversary processing). The cancellation can only be processed after all pending transactions have been completed, which could potentially extend the overall processing timeline.
Free look cancellation processing time (excluding payout disbursement)
- For portfolio bond fund investment-linked policies (such as Manulife SmartRetire, InvestReady or SmartWealth policies): 6 business days*
- For all other policies: 4 business days*
- Requests received before 3pm will be processed the same business day, while requests received after 3pm will be processed the next business day.
Payout disbursement timeline
Once your free look cancellation is processed, additional time is needed to arrange the payout based on your chosen payout method:
Payout Methods
PayNow: 1 business day
Electronic Fund Transfer (EFT): 3 business days
CPF OA/SA/SRS: 3 business days
Important notes:
- *Investment-linked policies: Processing may take longer due to fund holidays or pending transactions (such as monthiversary activities or any uncompleted fund transactions). Cancellations can only be processed after all pending transactions are completed, which might extend the overall processing time.
- For CPF OA/SRS Policies: The amount will be credited to your investment account with your agent bank. Please contact your agent bank for payout details after the processing period.
- For CPF SA Policies: The amount will be credited to the CPF Board. You may contact the CPF Board for assistance.
As Singapore transitions to a cheque-free society, Manulife is adopting digital payment methods to ensure seamless and secure transactions. We encourage you to update your payout method to one of our secure and convenient digital options to avoid delays in receiving your payouts.
To apply for PayNow or Electronic Fund Transfer (EFT) click here.
What is the refund amount?
For non investment-linked policies
- We will refund 100% of the premium without interest, less any medical and other expenses incurred by Manulife.
For investment-linked policies
- We will refund the market value of the investment units in the policy, less any medical expenses, welcome bonus (if applicable), and other expenses incurred by Manulife.
