Surrender or withdraw a policy
Apply to surrender or withdraw a policy in full or partially.
Instructions
A policy with an accumulated cash value can be surrendered for cash. That said, do note that surrendering your policy may have the following consequences:
- You will lose the valuable benefits and coverage of your policy.
- You may not be able to meet your long-term financial objective(s).
- You may not be able to obtain a similar level of protection on the same terms in the future.
If you would like to continue your policy but seek assistance with premium payments, we urge you to speak to your Representative to discuss your options.
If you would still like to proceed with the policy surrender, please refer to the FAQs below:
FAQs
What is the surrender process?
For partial withdrawal of investment-linked policies, or full surrender of other policies
Please submit the completed to us via one of the following channels:
- Upload the form to our customer portal MyManulife (refer to steps below).
- Email the completed form to forms@manulife.com (signature must match our record) using the registered email address you have with us.
How to upload form to MyManulife
1. Log into your account via MyManulife.
2. Click on "Servicing".
3. Under "Upload Forms", click on "Other Transactions". Follow the instructions on the page to submit the completed form.
For full surrender of investment-linked policies
Approach your Representative who will be able to assist you on this matter.
For termination of policies during freelook period
Approach your Representative who will be able to assist you on this matter. The refund process will take 5-10 working days after we receive your request.
- For non-investment linked policy
We will refund 100% of the premium without interest, less any medical and other expenses incurred by Manulife.
- For investment linked policy
We will refund the market value of the investment units of the policy, less any medical, welcome bonus (if applicable) and other expenses incurred by Manulife.
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.
How do I check my surrender value?
1. Log into your account via MyManulife.
2. Select the relevant policy from the dashboard.
For non-investment linked policies
3. Under the "Financial information" tab, scroll to the bottom of the page. Find the Net Surrender Value under "Surrender" or "Net surrender value".
For investment linked policies
3. Under the "Investment & Balance" tab, scroll to the bottom of the page. Find the Surrender Value under "Financial Information".
1. Log into your account via MyManulife.
2. Select the relevant policy from the dashboard.
3. Under the "Premium payment" tab, find the Total premiums paid to date under "Premium details".
How will I receive my payout if I surrender my policy?
For non-trust policies:
- CPF Ordinary Account (OA) policy – proceeds will be paid to the agent bank
- CPF Special Account (SA) policy – proceeds will be paid to CPF Board
- Cash-funded policy – proceeds will be paid directly to the Assignee/Policyowner either through PayNow or Electronic Fund Transfer
For Trust under S49L:
We will pay the proceeds to the Trustee or Beneficiary who signed on the Surrender/Withdrawal Form.
For Trust under S73:
We will pay the proceeds to all Trustees.
When will I receive my payout if I surrender my policy?
^ For Investment linked policy (T day is the processing date)
- PayNow: T + 3 working days
- EFT: T + 6 working days
- SA : T + 3 working days
- OA/SRS : T + 6 working days
For non-Investment-linked policy (T day is the processing date)
- PayNow: T + 1 working day
- EFT: T + 3 working days
- SA : T + 1 working days
- OA/SRS : T + 3 working days
Note :
Please note that surrender request received before 3pm will be considered as the same day transaction (T day).
^ For investment-linked policy, please expect some delay in processing in the event of fund holiday or any pending transactions (including monthiversary processing). The surrender transaction can only be done after all pending transactions have been completed. The above timeline will be prolonged accordingly.
How do I terminate riders or supplementary benefits?
You may wish to get in touch with your Representative to discuss the options for your policy.
If you would like to apply for changes to your rider or supplementary benefit, please complete the and submit the completed form to us via one of the following channels:
- Upload the form to our customer portal MyManulife (refer to steps below).
- Email to us at forms@manulife.com.
How to upload form to MyManulife
1. Log into your account via MyManulife.
2. Click on "Servicing".
3. Under "Upload Forms", click on "Other Transactions". Follow the instructions on the page to submit the completed form.
How do I find my servicing Representative?
1. Log into your account via MyManulife.
2. Click on "Policies" and select the relevant policy.
3. Under the "Policy Information" tab, scroll to the bottom of the page to check the servicing Representative for your policy.
If your policy does not have any assigned Representative, you may contact us via the Contact Us form.
How do I request for Withdrawal/Surrender if I do not have a Representative or if my policy has a trust arrangement?
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.
Who will need to sign the form to request for Withdrawal/Surrender?
For non-trust policies, the Assignee or Policyowner must sign the form.
For a Trust policy under S49L, either of the following parties must sign the form:
- Policyowner and any one Trustee (excluding the Policyowner), or
- All Beneficiaries (each Beneficiary must be at least 18 years old)
For a Trust policy under S73, the Policyowner and all Trustees must sign on the form.
