Discontinuation of Corporate Cheque Issuance for SGD Policy Payouts
From June 2026, Manulife Singapore will progressively discontinue the issuance of corporate cheques for payouts relating to Singapore Dollar (SGD)‑denominated policies.
All payments — including policy payouts, claims, refunds, and other benefits — will be made via electronic payment methods, namely Electronic Fund Transfer (EFT) or PayNow (linked to NRIC/FIN).
This change enables faster and more secure payments, and aligns with Singapore’s continued move towards digital payments across the financial services industry.
Customers are encouraged to set up or update their EFT or PayNow-NRIC/FIN details via our customer portal, MyManulife, or the Manulife SG App, to avoid any delay in receiving payments.
Frequently Asked Questions (FAQ)
1. What is changing?
From June 2026, Manulife will progressively discontinue the issuance of corporate cheques for all SGD‑denominated policies. Payments will be made electronically only, via Electronic Fund Transfer (EFT) or PayNow-NRIC/FIN (please note that PayNow-Mobile number is not accepted).
2. Which policies are affected?
This change applies to all Manulife Singapore policies denominated in SGD, including:
- Policy maturity payouts
- Claims payments
- Surrender proceeds
- Coupons, dividends, and bonus withdrawals
- Premium refunds
- Other policy‑related payments
3. What is Electronic Fund Transfer (EFT)?
Electronic Fund Transfer (EFT) credits payments directly into your designated Singapore bank account (denominated in Singapore Dollar), eliminating the need for cheques. EFT is a secure and commonly used payment method for insurance payouts.
4. What is PayNow-NRIC/FIN?
PayNow-NRIC/FIN allows Manulife to credit payments directly to your Singapore bank account linked to your NRIC or FIN.
Please note:
- PayNow must be registered using NRIC/FIN (mobile number–linked PayNow is not supported for payouts)
- For payouts above S$200,000, payment will be made via PayNow GIRO, which typically takes around 3 business days
5. How do I update my policy payout method to EFT or PayNow-NRIC/FIN?
You can easily update or change your payout method via:
- MyManulife customer portal, or
- Manulife SG App
For more details, refer to instructions under Manage policy payouts or withdrawals.
6. Can I submit a form instead?
Yes. If you are unable to make the update online, you may:
1. Download and complete the PayNow/Electronic Fund Transfer (EFT) Instruction Form
2. Log in to our customer portal, MyManulife, and upload your completed form under Services > Upload Form > Other transactions.
(Wet‑ink signature is not required for online submission.)
3. Alternatively, mail the completed original hard‑copy form (wet‑ink signature required) to:
Manulife (Singapore) Private Limited
8 Cross Street
#15-01 Manulife Tower
Singapore 048424
Please note that the wet‑ink signature on the mailed form must match Manulife’s existing records, failing which the form may be rejected or further clarification may be required.
7. What happens if payment to me via EFT or PayNow-NRIC/FIN failed?
You will receive a notification (via SMS or letter) if a payment is unsuccessful.
- If your policy is still active, please sign up for EFT or PayNow-NRIC/FIN as described in Question 5.
- If your policy is no longer active (e.g. matured, surrendered, or lapsed), please submit the PayNow/Electronic Fund Transfer (EFT) Instruction Form to update your payout method. Refer to Question 6 for details.
Manulife will re-issue the payment after the digital payout method has been updated.
8. If I do not have a Singapore bank account, can I request to credit to a foreign bank account?
Yes, you can apply for Telegraphic Transfer (TT) to credit your policy payout directly to your overseas bank account. Telegraphic Transfer transactions are subject to prevailing charges and conversion rates imposed by the bank(s) involved.
For more details, refer to instructions here.
9. What happens if I do not sign up EFT or PayNow-NRIC/FIN?
If valid electronic payment details are not available, there may be delays in processing your payment, as Manulife will not be able to issue corporate cheques after June 2026.
Where applicable, Manulife may make payments via PayNow-NRIC/FIN by default, if PayNow-NRIC/FIN is available for the policy owner. Manulife reserves the discretion to determine the applicable payout method in accordance with its payment processes.
10. Does this change apply to non‑SGD policies?
No. This change applies only to SGD‑denominated policies. Payment arrangements for non‑SGD policies remain unchanged at this time.
11. Are there any fees for EFT or PayNow-NRIC/FIN payouts?
No. Manulife does not charge any fees for payouts made via EFT or PayNow-NRIC/FIN.
12. Who can I contact for assistance?
If you need help setting up your payout method, please contact:
- Your Financial Representative
- Manulife Customer Service
Thank you for your cooperation
We appreciate your support as we move to more efficient and secure electronic payout methods, helping ensure faster payments and better service for our customers.
