Receive payouts via PayNow or Electronic Fund Transfer (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 for Singapore dollar (SGD)-denominated policies to be credited directly to your Singapore bank account. Examples of such payouts include, but are not limited to, maturity proceeds, surrender proceeds, coupons, dividends, bonus withdrawals, premium refunds, and other policy‑related payments.
- To receive payouts via PayNow, your bank account must be registered using your Singapore NRIC or FIN, and the NRIC or FIN must match Manulife's records. We are unable to process payouts to PayNow accounts registered using only a mobile number.
- 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.
What happens if I have not registered a payout method and a payout is due?
If a payout is due for your SGD-denominated policy and you have not registered a payout method, we will first attempt to credit the payout via PayNow-NRIC/FIN, provided your PayNow registration is linked to your Singapore NRIC or FIN and the details match Manulife's records.
If a valid PayNow-NRIC/FIN registration is not available, we will not be able to process the payout and there may be a delay in receiving your payment. In such cases, we will notify you via SMS and a Notice of Unsuccessful Payout letter, with instructions on how to update your payout method.
What happens if my PayNow-NRIC/FIN or Electronic Fund Transfer (EFT) payout is unsuccessful?
If your payout for an SGD-denominated policy cannot be credited successfully via PayNow-NRIC/FIN or Electronic Fund Transfer (EFT), we will notify you via SMS and issue a Notice of Unsuccessful Payout letter.
To receive your payout, you will need to:
- Update your payout method to ensure your payment details are accurate and valid; and
- Submit a payout reissuance request for the payout to be processed again.
Please note that updating your payout method alone will not automatically trigger the reissuance of the unsuccessful payout.
What supporting documents do I need to set up Electronic Fund Transfer (EFT)?
If you are registering a DBS or POSB bank account, your account may be verified online and no supporting documents are required.
However, you will need to upload a copy of your bank passbook or bank statement for verification purposes if:
- Online verification for your DBS or POSB account is unsuccessful after three attempts; or
- You are registering an account with another bank.
We accept bank statements with account balances and transaction details blacked out or masked. Truncated e-statements downloaded from a bank's mobile application are also acceptable, provided the account holder's name and account number are shown on the same page.
