Direct crediting to bank (PayNow or EFT)
Choose to receive your policy payouts directly through PayNow (registered with NRIC/FIN) or Electronic Fund Transfer (EFT).
What you need to know
- You can receive policy payouts, such as surrender proceeds, coupons, dividends, and premium refunds, directly into your bank account via PayNow or Electronic Fund Transfer (EFT).
- For payouts via PayNow, your bank account must be registered with your NRIC or FIN. We are unable to process payouts to PayNow accounts registered using a mobile number.
- PayNow is only applicable for payout up to S$200,000 to the policy owner’s Singapore bank account.
- We are unable to accept bank accounts with Trust Bank Singapore Limited for direct crediting.
Instructions
To set up PayNow
1. Log in to your account via MyManulife or the Manulife SG App.
2. Click on the "Services" tab, followed by "Change payout method."
3. Select your preferred new payout method: PayNow by NRIC/FIN.
4. Select the policy(ies) you would like to make the change to and click "Next".
5. Read and acknowledge the Declaration, then click "Next".
6. Select your preferred method to receive your One-Time Password (OTP), and key in your OTP.
7. You will receive an immediate acknowledgement.
To set up Electronic Fund Transfer (EFT)
1. Log in to your account via MyManulife or the Manulife SG App.
2. Click on the "Services" tab, followed by "Change payout method."
3. Select your preferred new payout method: Electronic Fund Transfer (EFT).
4. Choose "Existing bank account" to existing bank account already set up with Manulife or select "Add new Bank account" to set up a new arrangement. Enter your bank account details as needed.
5. Select the policy(ies) you would like to make the change to and click "Next".
6. Review your changes before submitting your request.
7. Read and acknowledge the Declaration, then click "Next".
8. Select your preferred method to receive your One-Time Password (OTP), and key in your OTP.
9. You will receive an immediate acknowledgement.
To set up PayNow/Electronic Fund Transfer (EFT) via form submission
1. Download and complete the PayNow/Electronic Fund Transfer (EFT) Instruction 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.
What supporting documents do I need to provide for Electronic Fund Transfer (EFT)?
If you are applying for Electronic Fund Transfer (EFT) through original hard copy form, please provide a copy of your bank passbook or bank statement.
We accept bank statements with the bank balances and transactions being blacked out or masked. Truncated e-statements downloaded from banks' mobile applications are also acceptable, as long as the document shows the account holder’s name and account number on the same page.
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.
