Surrender or withdraw a policy

For non-trust policies:

• Cash-funded policy – proceeds will be paid directly to the Assignee/Policyowner through PayNow, Electronic Fund Transfer (EFT) or Telegraphic Transfer (TT).  
• 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.

Processing time (excluding payout disbursement):

For requests received before 3pm, processing will take an additional 3 business days.

For requests received after 3pm, processing will take an additional 4 business days.

Note:

Please note that if your policy is subject to any ongoing internal activities, including but not limited to fund holidays, monthiversary processing, or pending fund transactions that have not been completed, the processing of your request will be deferred until such activities have been completed.

In such cases, your request will be deemed to have been received on the first business day following such completion of the relevant activities, and the applicable fund price will be determined on that basis.

Payout Disbursement Timeline
Once your surrender/partial withdrawal request is processed, additional time is needed to arrange the payout based on your chosen payout method:

Payout Methods

• PayNow‑NRIC/FIN
  • S$200,000 and below: Up to 1 business day
  • Above S$200,000: 3 business days
• Electronic Fund Transfer (EFT): 3 business days
• Telegraphic Transfer (TT): 3 business days
• CPF OA/SRS: 2 business days
• CPF SA: 1 business day

Notes:

• For CPF OA/SRS Policies: The amount will be credited to your investment account with your agent bank. Please contact your agent bank for payout details after the processing period.
• For CPF SA Policies: The amount will be credited to the CPF Board. You may contact the CPF Board for assistance.
   

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.

Processing & Payout Disbursement Timeline (before 3pm)

Example

If you do not have a Representative or if your policy has a trust arrangement, you may submit the request via the Contact Us 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.