Apply for a policy loan
If your policy has accumulated cash value, you may be eligible to apply for a policy loan using the cash value as collateral.
What you need to know
- The prevailing interest rate is 6.75% p.a. for Manulife policies and 6.50% p.a. for Singapore-dollar denominated John Hancock policies. Interest accrues daily and is compounded on each policy anniversary.
- If there is an outstanding policy loan when a payout becomes due, the outstanding loan amount and accrued interest will be deducted from the payout first.
- Examples of such payouts include, but are not limited to, maturity proceeds, surrender proceeds, coupons, dividends, bonus withdrawals, premium refunds and claim payouts.
- Outstanding policy loans may be repaid via PayNow or AXS. Internet Banking is not available for policy loan repayments. Please refer to the FAQ section below for more information on repayment methods.
Please note that policies with the following statuses are not eligible for online submission:
- Universal Life policies
- Policies with a Section 132 (formerly Section 49L) or Section 73 trust nomination
- Policies that are currently on hold
For these cases, please refer to the Form Submission for Policies Not Eligible for Online Submission section below.
Instructions
1. Log in to your account on MyManulife or the Manulife SG App.
2. Click on the "Services" tab, followed by "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.
Form Submission for Policies Not Eligible for Online Submission
This applies to:
- Universal Life policies
- Policies placed under trust*
*Trust policies are policies with a trust nomination under Section 132 (formerly Section 49L) of the Insurance Act 1966 or Section 73 of the Conveyancing and Law of Property Act 1886.
- Policies that are currently on hold
1. Download and complete Policy Loan Application Form.
2. 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.
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 payout if I apply for a policy loan?
Policy Loan Processing time (excluding payout disbursement):
Requests received before 3pm will be processed in 3 business days.
Requests received after 3pm will be treated as received on the next business day.
Payout processing time
Once your policy loan request is processed, additional time is needed to arrange the payout based on your chosen method:
- PayNow‑NRIC/FIN
- S$200,000 and below: Up to 1 business day
- Above S$200,000: 3 business days
- Electronic Fund Transfer (EFT)
- DBS/POSB bank: 2 business days
- All other banks: 3 business days
- Telegraphic Transfer (TT): 3 business days
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.
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.
