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Receive policy payout

A policy maturity payout is a lump sum payment you will receive when your policy reaches its expiration date (also known as maturity date). For instance, if your insurance policy has a 10-year term, you will get a payout at the end of 10 years.

Now, you can reinvest your maturity proceeds with us at an attractive monthly interest rate and no lock-in period via a single premium non-participating universal life insurance plan – GREAT Flexi Saver.

Reinvest your maturity proceeds on selected Great Eastern policies to enjoy attractive rewards. Contact your Great Eastern Financial Representative to find out more.

As we move towards a cheque-free Singapore, we are going digital for all our payment transactions.

Enjoy a seamless, fast, and convenient experience for all your insurance payments and payouts with PayNow. PayNow is an instant local funds transfer service for Singapore Dollars that is available to Singaporeans who are customers of participating banks and financial institutions in Singapore. To use PayNow, link your NRIC (and not, for example, your mobile number) to your PayNow account. The bank account linked to PayNow should be an active account with recent incoming and/or outgoing transactions.

If you have not registered for PayNow, you can do so at a participating bank.

 

How to receive a payout via PayNow

  1. Log in to your bank's internet banking or mobile app to activate PayNow.
  2. Link your NRIC (and not mobile number) to your PayNow account.

You will now be able to receive policy, claim, and maturity payouts in a faster, secured, and more convenient way via PayNow.

After a PayNow funds transfer is made to you, you'll receive an SMS, email, or letter addressed to the contact you've registered with us.

 

How to receive a payout via direct crediting

  1. Ensure that you have a valid bank account with a GIRO-participating bank. 
  2. Complete the Authorisation for PayNow / Direct Credit Form and submit it via one of the following ways: 

The Great Eastern Life Assurance Company Limited
1 Pickering Street
Great Eastern Centre #01-01
Singapore 048659
Attention: Customer Service Department

The request should be submitted 1 month before the next payout date, and will be effective for subsequent payouts after approval.

 

Customer Service Centre

You can drop by our Customer Service Centre to request for a withdrawal of your cash benefit.

Your payout will be issued to you on the spot (subject to a maximum amount of SGD200,000).

The Great Eastern Life Assurance Company Limited
1 Pickering Street
Great Eastern Centre #01-01
Singapore 048659

Operating Hours (Mondays to Fridays)

Customer Service: 9:00am to 5:30pm
Closed on Saturdays, Sundays, and public holidays

 

Questions and Answers

If you have a local bank account, you will receive your funds in your designated bank account on the following day after the policy due date.

If you do not have a local bank account, you will receive your funds via telegraphic transfer or bank draft within 1 week after your identity has been verified via the telephone.

No, you will continue to receive your current payout via direct credit.

If you wish to update the arrangement, you can complete the Authorisation for PayNow / Direct Credit form for us to update your record accordingly.

Non-Singaporeans need to provide a copy of their bank statement/passbook/e-statement showing your full name and account number only (with transaction and other details blanked out) for verification. The funds would be credited into this bank account.

If you had previously provided instructions on your preferred mode of payment, subsequent payouts will be made to you based on the instructions given. Otherwise, we will write to you regarding upcoming payouts due to you and the available payment options before the due date. If you have further queries, you can contact our customer service regarding your payouts.

You may indicate your preferred mode in your written request. Other modes of payment that we provide are:

  • Direct credit into your bank account: Complete the Authorisation for PayNow / Direct Credit form and submit it to us at least 1 month before the payment due date.
  • Telegraphic transfer or bank draft: If you do not have any bank account in Singapore, you can complete the Instructions on Payment (Overseas Customer) form and submit it to us at least 1 month before the payment due date.
    • You should also expect to receive an identity authentication telephone call within 5 working days of the form submission.
  • Cheque: As at 1 November 2023, several banks in Singapore have started charging for the use of Singapore Dollar cheques. Other banks will do so by 1 July 2024. As such, we encourage you to register for PayNow, if you have not already done so, to receive your payout in a timely manner.

Please contact our customer service for assistance.

The PayNow service is offered free-of-charge to all policyholders.

By submitting your written request to receive funds via PayNow, you agree to Great Eastern’s privacy statement.

At present, PayNow is being operated by a third-party service provider appointed by the industry-wide scheme owner for PayNow. Adequate measures have been implemented to ensure the integrity, security and confidentiality of this data.

We are always on the lookout for policyholders who have funds due to them under their insurance policies with us.

We will require verification of the policyholder's full name and the last 4 digits of their Personal ID number. If you know of any such individual, please contact our customer service.