Apply for a policy loan
If your policy has accumulated cash value, you can apply for a loan using this value as collateral.
What you need to know
- The prevailing interest rates are 6.75% for Manulife policies and 6.5% for John Hancock policies per annum. Interest accrues daily and compounds on policy anniversaries.
- When a policy has outstanding loans and a payout is payable, the outstanding loan amount will be deducted from the payout first.
- Examples of such payouts include, but are not limited to, maturity payouts, surrender payouts, coupon withdrawal payouts, survival benefit payouts, and claim payouts.
- You may repay your outstanding loan via PayNow or AXS machines. Please note that Internet Banking is not available for loan repayments. For more information on loan repayment methods, please refer to the FAQ section below.
Instructions
1. Log in to your account on MyManulife or the Manulife SG App.
2. Click on the "Services" tab, then select "Policy loan".
3. Choose the policy for which you wish to apply for Policy Loan.
4. Under "Type of Request," select "Policy Loan".
5. Follow the on-screen instructions to complete the process. You will receive a notification once the request is processed.
Apply for Policy Loan via form submission
1. Download and complete Policy Loan Application Form.
2. 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).
3. 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.
When will I receive my payout if I apply for a policy loan?
Coupon withdrawal processing time (excluding payout processing):
Requests received before 3PM: 4 business days
Requests received after 3PM: 5 business days
Payout processing time
Once your policy loan request is processed, additional time is needed to arrange the payout based on your chosen method:
- PayNow: Up to 1 business day
- Electronic Fund Transfer (EFT)
- DBS/POSB bank: 2 business days
- All other banks: 3 business days
- Telegraphic Transfer (TT): 3 business days
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.
How can I repay my outstanding loan?
You may repay your loan via PayNow or AXS.
PayNow
To make a loan repayment via PayNow:
1. Scan the SGQR code provided below or enter our UEN: 198002116DMLS.
Ensure that MANULIFE–PAR FUND appears as the entity name.
2. Enter the payment amount.
3. In the Reference No. field, enter your policy number followed by the description "Loan". For example, "1494567890 Loan" for loan repayments.
AXS
To make a loan repayment via AXS:
1. Select Manulife Singapore Pte Ltd as the billing organisation.
2. Enter the following details:
- Policy number
- Purpose of payment (e.g., loan repayment)
- Last 5 characters of your NRIC/ID
- Your contact details
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.
To whom will the payment be made?
For non-trust policies:
- Cash-funded policy – proceeds will be paid directly to the Assignee/Policyowner either through PayNow or Electronic Fund Transfer.
- CPF Ordinary Account (OA) / Supplementary Retirement Scheme (SRS) funded policy - proceeds will be paid to the agent bank.
- CPF Special Account (SA) - proceeds will be paid to CPF Board.
For Trust policy under Section 132 of the Insurance Act (formerly known as S49L):
- Payment can be made to any one Trustee who is not the Policyowner, or to all Beneficiaries who are at least 18 years old.
- If any Beneficiary is under 18 years old, payment will be made to the legal guardian/ parent of the Beneficiary who is not the Policy Owner.
For Trust policy under Section 73 of the Conveyancing and Law of Property Act:
- Payment can be made all Trustees, or to all Beneficiaries who are at least 21 years old.
- If any Beneficiary is under 21 years old, payment will be made to the legal guardian/ parent of the Beneficiary who is not the Policy Owner.
