Personal insurance policy payouts

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Receive payouts via PayNow NRIC/FIN

Payouts available via PayNow NRIC/FIN:
 
  • Claims payouts for Accident, Hospitalisation, HealthShield, Critical Illness, Disability, Terminal Illness, Personal Lines and Travel.
  • Refund of excess premiums paid for your new policy application.
  • Refund of excess payment(s) made after a policy is incepted
  • Other Payout(s):
    • Withdrawal of Policy Benefits (e.g, withdrawal from the accumulated Coupon / Dividend / Reversionary Bonus) 
    • Policy Loans
    • Policy Surrender
    • ILP Partial Withdrawals
    • Regular Withdrawals
    • Unclaimed Monies
*Important notes:
 
The above list will be expanded when more types of payouts are included.
 
To receive payouts via PayNow NRIC/FIN, please ensure:
 
  • The payee (policy owner) has a valid Singapore NRIC/FIN on record with AIA, and the PayNow profile is linked to that NRIC/FIN.
  • The payee is not a trustee or assignee, and the refund is payable to one payee only.
  • The policy is denominated in Singapore Dollars (SGD).
  • The payout amount does not exceed S$200,000.

There could be a few reasons why we were not able to make the payout you via PayNow:
 
  • The type of payout is currently not eligible to be paid through PayNow NRIC/FIN
  • Your PayNow profile is not linked to your NRIC/FIN
  • The payout is not denominated in Singapore Dollars (SGD)
  • Your policy premiums was fully or partially paid from your Central Provident Fund (CPF) account
  • Your policy has an existing Trust Arrangement
  • The policy owner is an entity
  • The policy is assigned to a third party

The maximum transaction limit for PayNow is S$200,000 per transaction. 
 
For transactions exceeding S$200,000, bank account details are required to process the payment via direct credit (for Singapore bank accounts) or telegraphic transfer (for overseas or multi-currency bank accounts).

No, we will only disburse funds to policy owners who have their PayNow profile linked to NRIC/FIN. This ensures the payout is made to the correct recipient.

To register for PayNow NRIC/FIN, perform a one-time registration through your bank portal or mobile app and link your NRIC/FIN.
 
To check if your NRIC/FIN is linked to PayNow:
 
  1. Log in to your bank's internet banking portal or mobile app.
  2. Navigate to PayNow.
  3. Look for "Manage PayNow" or your bank's PayNow Setup page.
  4. Your linked NRIC/FIN should be displayed.
Steps may vary by bank. For more information, please visit your bank's website.

PayNow NRIC/FIN is a convenient way of receiving your policy payout from AIA:
 
  • Receive payout faster than other payout methods.
  • Funds are directly credited into your PayNow NRIC/FIN account, without the risk of missing cheques or monies due to wrong mobile number.
  • No additional documentation is required.
  PayNow NRIC/FIN
(Recommended) Direct Credit Telegraphic Transfer3
Payout processing time Within 4 hours or less1 Within 4 business days2 Within 15 business days2
Documents required No documents required Bank passbook / bank statement (within 6 months)4 Bank passbook / bank statement (within 6 months)4
Supported Currency(ies) Singapore Dollars (SGD) only Singapore Dollars (SGD) only All currencies
Charges and fees No Charges and fees No Charges and fees Bank charges (If applicable)
 
1 For payouts from Investment-Linked policies, the payout will only be processed after the fund prices are updated.
2 Please note that your bank may require additional processing time before the funds are reflected in your bank account.
3 Notes for Telegraphic Transfer (TT):
  • All bank charges are borne by the bank account holder(s).
  • For customer of People Republic of China (PRC) Nationality: TT requests to offshore or PRC bank accounts for any Investment Linked Policy, Investment Plans or policy loan related payment will be declined.
  • There may be foreign exchange controls imposed by the relevant authorities in the country of your residence or citizenship or domicile.
  • All TT payment requests are subject to Company internal policy and applicable regulatory requirements.
  • When the policy currency differs from the receiving currency, conversion(s) will be performed by the Receiving / Beneficiary Bank. Any charges imposed by the Receiving / Beneficiary Bank for such conversions will be borne by the bank account holder(s).
4 Please note that your bank passbook or bank statement should include Name of Bank, Bank Branch, Bank's logo, Account Holder Name(s) and Bank Account Number.

Depending on your notification settings on AIA+, you may receive SMS or email if you've opted for digital notification. If have not registered for AIA+, you will be notified through letter at your mailing address.

You can receive payout via PayNow NRIC/FIN if:
 
  • You have a Singapore bank account and your PayNow profile is linked to your NRIC/FIN
  • Your payout is in SGD

PayNow is only applicable to policy owners. For policies where the trustee is not the same as the policy owner, the payout can be received via Direct Credit to a Singapore bank account provided to us.

Receive payouts via other methods

AIA will pay you through the following methods:
 
  • PayNow NRIC/FIN
  • Direct Credit (Singapore bank account)
  • Telegraphic Transfer (overseas and multi-currency bank accounts)
  • Cheque (USD)
Important notes: 
 
In line with Singapore's Smart Nation initiative, AIA Singapore no longer issue Singapore Dollar (SGD) corporate cheques progressively for policy payouts or refunds starting in 2026.
If you have not set up a preferred payout method: 
 
  • For SGD payouts of S$200,000 or less, payment will be made via PayNow NRIC/FIN. 
  • For SGD payouts exceeding S$200,000, you will be required to provide bank account details for direct crediting. 
  • For Non-SGD payouts, corporate cheques will continue to be issued.
  • For Non-SGD benefits payouts of $100 or less will be converted to SGD and paid via PayNow. If a bank account is provided, payout will be made by direct credit or telegraphic transfer.

You can also receive payouts via direct credit or telegraphic transfer.
 
Direct Credit Telegraphic Transfer2
Payout processing time
Within 4 business days1		 Payout processing time
Within 15 business days1
Documents required3
Bank passbook / bank statement (within 6 months)		 Documents required3
Bank passbook / bank statement (within 6 months)
Supported Currency(s)
Singapore Dollars (SGD) only		 Supported Currency(s)
All currencies
Charges and fees
No Charges and fees		 Charges and fees
Bank charges (If applicable)
 
1 Please note that your bank may require additional processing time before the funds are reflected in your bank account.
2 Notes for Telegraphic Transfer (TT):
  • All bank charges are borne by the bank account holder(s).
  • For customer of People Republic of China (PRC) Nationality: TT requests to offshore or PRC bank accounts for any Investment Linked Policy, Investment Plans or policy loan related payment will be declined.
  • There may be foreign exchange controls imposed by the relevant authorities in the country of your residence or citizenship or domicile.
  • All TT payment requests are subject to Company internal policy and applicable regulatory requirements.
  • When the policy currency differs from the receiving currency, conversion(s) will be performed by the Receiving / Beneficiary Bank. Any charges imposed by the Receiving / Beneficiary Bank for such conversions will be borne by the bank account holder(s).
3 Please note that your bank passbook or bank statement should include Name of Bank, Bank Branch, Bank’s logo, Account Holder Name(s) and Bank Account Number.

Day 1 Telegraphic Transfer Application
You request a telegraphic transfer for your insurance payout.
Day 2 - 5 AIA Verification & Processing 
We want to ensure everything goes smoothly. Upon receiving your request, AIA verifies the request details before processing the insurance payout.
Day 5 - 8 Agent Bank Verification & Processing
Agent bank verifies the telegraphic transfer details provided. Once verification is completed, the agent bank authorizes the telegraphic transfer.
Day 8 - 9 Intermediary Bank Processing (if any)
Agent bank sends the monies to the intermediary bank, which will then facilitate the transfer to the beneficiary's bank.
Day 9 - 12 Beneficiary Bank Processing
Beneficiary bank receives the monies. If needed, the beneficiary bank will convert the currency into the beneficiary account's currency.
Day 13 onwards Iransfer Complete!
Your beneficiary can now access and use the monies in their account
 
This is an indicative timeline depending on the bank's processing duration and does not cover the time required to review and approve your payout request.

Yes, fees and charges may apply depending on your bank(s)
 
For more information, please contact your bank.

If you do not have a Singapore bank account, you may receive your payout via Telegraphic Transfer to your overseas bank account.

For non-SGD policies, the payouts will be made via Cheque.