Get Surrender / Withdrawal - Manulife Singapore

For full surrender of traditional policies Complete the Surrender/Withdrawal Form and submit it to us with below document(s): - Copy of both sides of the NRIC/passport/identity card of the Policyowner, Life Insureds, Trustees and Beneficiaries who signed on the Surrender/Withdrawal Form.

Withdrawal depends on the type of policy you have. Withdrawal from Dividends and Paid-up addition will be applicable to traditional life products, while the Withdrawal from variable life funds will be used for variable life products.

Withdrawal fee (equivalent to the redemption fee) – If your employer allows withdrawals, your first withdrawal in a calendar year is free, and you pay a fee of $25 per subsequent withdrawal.

What if I change my mind after I apply? All our plans have a 30-day money-back guarantee. If you are not completely satisfied, return your policy by mail to Manulife within 30 days of the issue date. We will cancel your coverage and refund any premiums you paid.

Cash Value Withdrawal This is also known as a partial surrender. Unlike a loan, a withdrawal will permanently reduce the death benefit, but there are no interest payments as there are with policy loans. There will, however, be a tax on any withdrawals that exceed the cost basis in the policy.

Withdrawing money or borrowing money from your life insurance policy can reduce your policy's death benefit, while surrendering the policy means you are giving up the right to the death benefit altogether.

When we receive a withdrawal request in good order, we process it right away. You will receive your withdrawal by Electronic Funds Transfer (EFT) within 3-5 business days. If you're not set up for EFT, we'll write you a cheque and send it by regular mail.

Take money out of your plan by cheque or by direct deposit to your bank account. If your plan lets you withdraw online, you can take $10,000 or less. For more, use a form.