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.
Refund of premiums paid
For cash-funded policies, refunds will be made through one of the following methods:
| Refund Method | How the refund will be made |
|---|---|
| Credit Card | Refunds will be credited to the credit card used for the premium payment, where applicable. |
| Electronic Fund Transfer (EFT) | Refunds will be credited to the bank account provided in the application form, subject to successful account verification. |
| PayNow-NRIC/FIN | Where EFT cannot be processed and a valid PayNow-NRIC/FIN registration is available, refunds may be credited via PayNow-NRIC/FIN. The NRIC/FIN linked to the PayNow registration must match Manulife's records. |
For CPF-funded policies, refunds will be credited to the CPF Investment Account linked to the agent bank or returned to the 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 "Services".
3. Under "Upload Forms", click on "Other Transactions". Follow the instructions on the page to submit the completed form.
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‑NRIC/FIN
- S$200,000 and below: 1 business day
- Above S$200,000: 3 business days
Electronic Fund Transfer (EFT): 3 business days
CPF OA/SRS: 2 business days
CPF SA: 1 business day
Note:
Please note that if your policy is subject to any ongoing internal activities, including but not limited to fund holidays, monthiversary processing, or pending fund transactions that have not been completed, the processing of your request will be deferred until such activities have been completed.
In such cases, your request will be deemed to have been received on the first business day following such completion of the relevant activities, and the applicable fund price will be determined on that basis.
- 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.
Manulife Singapore has discontinued the issuance of cheques for payouts relating to Singapore Dollar (SGD)-denominated policies. To avoid delays in receiving your payouts, please update your payout method to one of our secure and convenient digital payment options.
To register for PayNow or Electronic Fund Transfer (EFT), please 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.
