Maturity / Bonus / Payments

For policies bought with cash, we will send a cheque unless otherwise instructed. You will receive a cheque by the maturity date. Please ensure that your NRIC/Identification number registered with Income is the same as your bank’s record. The cheque would be rejected if your bank account holds a different Identification number.

For policies bought with CPFOA or SRS funds, we will pay directly to your investment account with your agent bank. For CPFSA policies, we will pay directly to the CPF Board.

From two months to at least 21 days before the policies mature, you may choose to credit your maturity proceeds to your personal bank account by submitting your request and a copy of your bank book or recent bank statement via our online portal (me@income).

Please note that we will only accept maturity instructions two months before your policy mature.

No. Once the policy has matured, premium deduction will cease immediately.

We will deduct the policy loan and its interest from the maturity proceeds and only the net amount will be paid to you.

Proceeds will be paid to the beneficiaries (at least age 21). Alternatively, the proceeds can be paid to all trustees.

Proceeds will be paid to the beneficiaries (at least age 18). Alternatively, the proceeds can be paid to any trustee who is not the policyholder.

Please contact our Customer Service Officers on 6788 1122 to find out the status of your policy and payment.

Not necessarily. Proceeds can only be paid to you directly if you have you have closed your investment accounts (CPFIS-OA, CPFIS-SA). Your investment accounts will only be closed under these two situations:

1. You have applied to CPF Board to withdraw all the excess balances in your Ordinary Account and Special Account (after setting aside the required Minimum Sum and Medisave Required Amount). When you do this, your investment accounts (CPFIS-OA and CPFIS-SA) will be closed. More specifically, CPF Board will close your CPFIS-SA and inform us. For your CPFIS-OA, CPF Board will inform your agent bank to close your investment account and the agent bank will then inform us.
2. You did not withdraw all the excess balances in your Ordinary Account and Special Account. But you have applied to CPF Board to withdraw your investments under CPFISA-OA and CPFIS-SA.

A third party policy refers a policy was taken up by a parent, insuring the life of his child. It is also applicable when a person takes up a policy on the life of a spouse as well. When the policyholder passes away, the policy continues as long as there are premiums paid to maintain the policy.

Upon maturity, we will issue a maturity cheque to the late policyholder’s estate.

The legal representative(s) can use the Grant of Probate or Letter of Administration to open an account in the name of the estate of the deceased Policyholder at any bank. Then, the payment cheque can be presented to this bank account.

A legal representative can be one of the below.

• Executor - when the deceased Policyholder leaves behind a Will. The executor is the person named in the deceased's Will to administer and distribute the deceased's estate according to the instructions in the Will. This executor has to apply to court to obtain the Grant of Probate.
• Administrator - when the deceased Policyholder dies without a Will. Usually, the next-of-kin will apply to the court to obtain the Letters of Administration to be the Administrator.

We may allow this if all the conditions below are met:

• maturity amount is $30,000 or below
• policyholder’s immediate family members including the life assured is 18 years and above
• Written consent given by other immediate family member(s) with individual’s copy of NRIC and proof of relationship

Please note that your request is subjected to approval. If approved, we will ask for additional supporting documents and Indemnity.

We may issue two types of bonuses to our policyholders:

• The annual bonus is an amount distributed yearly to all our participating policies1.
• A special bonus (sometimes called a terminal bonus) is an extra bonus which we pay at the time of a claim, or upon maturity, or if you surrender the policy.

1 Participating policy refers to the policy that is managed in the Participating Fund (“the Fund”). The policy shares in the profits or losses of the Fund, through bonuses added to your policy. For more information, please refer to this guide: Understanding Your Participating Policy.

The annual bonus is an amount distributed yearly to all our participating policies ¹.

The annual bonus declared each year is determined by the Appointed Actuary and approved by the Board of Directors. Once the annual bonus has been declared, it is guaranteed. The annual bonus is accumulated annually and will be payable upon maturity or death.

¹ Participating policy refers to the policy that is managed in the Participating Fund (“the Fund”). The policy shares in the profits or losses of the Fund, through bonuses added to your policy. For more information, please refer to this guide: Understanding Your Participating Policy.

A special bonus (sometimes called a terminal bonus) is an extra bonus which we pay at the time of a claim, or upon maturity, or if you surrender the policy.

You may visit any of NTUC Income branches , email csquery@income.com.sg or call us at 6788 1122 to obtain a copy of Bonus Encashment voucher. The voucher is valid for 14 days from the date of your voucher.

Documents required:

• Bonus Encashment voucher
• Personal identification document
• Documentary proof of admission to a tertiary education institution or a copy of marriage certificate of the Life Assured (required for bonus encashment with enhanced benefit)

You may request a direct credit to your personal bank account by providing a copy of the bank book/statement which reflects the Bank Name, account holder’s name and account number. We will handle your request within six working days from the time we receive your completed documents.

Please the completed forms with your personal identification document by any of the methods below:
Branch: Find an NTUC Income branch
Emailing: life.health@income.com.sg
Post to: 
NTUC Income Centre
75 Bras Basah Road
Singapore 189557

The following personal identification document is needed for verification purposes.

For Singaporeans or Singapore permanent residents 

• Clear copy of NRIC (front and back)

For Foreigners staying, studying or working in Singapore

• Clear copy of passport showing validity dates, passport number, photograph, nationality, date of birth and name; and
• Clear copy of Singapore employment pass, S pass, work permit, student pass or dependent's pass (front and back); and
• Clear copy of a document (issued within the last 6 months e.g. utility bills, phone bill) that shows your name and address. The passport, passes or permits must be valid for at least 6 months.

Please ensure that your NRIC/identification number registered with us is the same as the bank’s record. The cheque would be rejected if you open your bank account with a different identification number.

If the policy is assigned under absolute assignment1, only the assignee can give the instruction to encash the bonus and proceeds will be paid to the assignee.

¹ An absolute assignment is the transfer of a life policy to another person. The person who transfers the policy is called the assignor. The person who takes over the ownership of the policy is called the assignee.

We need consent of all trustees plus beneficiaries (at least age 21) named under the policy. Proceeds will be paid to all trustees, or all beneficiaries (at least age 21).

Proceeds will be paid to the trustee (who is not the policyholder), or all beneficiaries (at least age 18). Parental consent is required if any of the beneficiaries is below age 18. The parent who gives consent must not be the policyholder.

f you are overseas, you can call, email, or fax us your request to provide us with your contact details. We will send you the necessary forms. The forms are to be witnessed either by an Official from the Singapore High Commission/Embassy of the Republic of Singapore (for Singaporeans) or a Notary Public. A Notary Public is a state appointed officer who can witness and authenticate documents.

When documents originate from or are signed in another country, it is common for most institutions to require them to be notarised before they can be used for official purposes. This is a matter of prudence to ensure that the person signing the documents is actually who he purports to be. The Notary mainly acts as an impartial and legally trained witness. You can locate a registry of notaries by conducting a search on the internet.

If you have difficulty in obtaining this official witness, you may submit the documents through our secure on-line platform me@income (Select "Service & Forms" -> "Waiver of Notarisation"). If you are unable to provide to us a copy of your Singapore NRIC when overseas or if you are a foreigner, you may submit a copy of your Passport or other identification document for verification (subject to our approval). If the identification document does not contain your address, please provide an additional document which shows your residential address (e.g. a utility/credit card bill issued within the last six months).

If you do not have a bank account in Singapore, you can request a bank draft, or a telegraphic transfer (TT) of the bonus encashment proceeds to your personal bank account overseas. Bank charges will have to be borne by you. A bank draft arrangement and TT may take up to 14 working days, from the day we receive complete information from you.

We need the below information to facilitate the bank draft or TT. We may contact you if additional information is needed.

Please note:

1. *SWIFT code: It is a standard format of Bank Identifier Codes (BIC) and a unique identification code for a particular bank. You may contact your bank to obtain the SWIFT code.
2. Issuance of Bank Draft and Telegraphic Transfers are subjected to approval. 

There is an option for you to encash the accumulated bonus for the purpose of the Life assured’s tertiary education and legal marriage. We will pay the enhanced discounted value of the accumulated bonus at a rate which is 25% more than the normal discounted value. It must be encashed within six months after marriage or entry into/graduation from a tertiary institution.

Unless there is a real need, we do not encourage policyholders to encash their bonuses (even with the enhanced option) because of these possible consequences.

• The discounted value of the bonuses may be smaller than the face value of the annual bonuses given up.
• Future annual bonuses earned on the policy will be reduced due to the loss of the compounding effect of annual bonuses.
• A reduction in the face value of the annual bonuses means lesser bonuses (both annual and terminal) for a claim or maturity event in the future.

You may approach your adviser if you wish to evaluate this option.