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Personal insurance policy payouts

Benefit payment methods

AIA currently processes benefit payments through the following channels: 
  • PayNow-NRIC 
  • Direct Credit 
  • Telegraphic Transfer (TT) 
  • Cheque 
Important Notes: 
In support of the Singapore Government's initiative to phase out SGD corporate cheques, AIA will progressively transition to digital payment methods. 
If you have not set up a preferred payment 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 USD payouts, cheques will continue to be issued. 
  • For policies not denominated in Singapore Dollars, benefit payments of S$100 or less will be made in the Singapore Dollar equivalent. 

Receive payouts via PayNow

  • Payouts for Accident, Hospitalisation and HealthShield Claims.
  • Refund of excess premiums paid for your new policy application.
  • Refund of excess payment(s) made after a policy is incepted, provided:
    • There is a valid Singapore NRIC No. or FIN for the Payee (Policy Owner) on our records; and
    • Payee is not a Trustee / Assignee of the policy; Refund is payable to 1 payee only; and
    • Policy currency is in Singapore Dollar; and
    • Refund amount is S$2000.00, and below.
  • Payout(s) may also be paid via PayNow for:
    • Policy Loans
    • Withdrawal of Policy Benefits (Coupon, Dividend, Bonus) that were deposited with AIA
    • Policy Surrender
    • ILP Partial Withdrawals
    • Regular Withdrawals
*Important Note:
  • The above list will be expanded when more types of payouts are included.
  • Your PayNow profile must be linked to your NRIC/FIN for you to receive payouts from AIA.

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

The maximum limit is set at S$200,000 per transaction. You will receive a cheque if the payout amount exceeds S$200,000 limit.

No, we will only disburse funds to policy owners who have their PayNow profile linked to NRIC/FIN. This is to ensure that we pay to the right person.

  • You may refer to The Association of Banks in Singapore site for information on the list of participating banks and how to register for PayNow with your NRIC/FIN.
  • If you have not registered for PayNow, please perform a one-time registration and link your NRIC to your PayNow profile.
  • In order to receive payments from AIA via PayNow, please ensure that your PayNow account is linked to your NRIC/FIN.

Log in to your bank's internet banking portal or mobile banking app. The "Manage PayNow" screen should indicate if you have linked your NRIC/FIN to your PayNow profile. However, this may vary from bank to bank, please visit your bank's PayNow FAQ page for more information.

PayNow is convenient and you will receive policy payouts from AIA in the shortest time.
  • Receive payments within 4 hours or less* upon completion of your service request.
  • Funds are directly credited into your PayNow-NRIC/FIN. No need to worry about missing cheques or monies credited to wrong account numbers!
  • No additional documentation such as proof of identity or bank statements is required.
PayNow-NRIC (Recommended) Direct Credit/Telegraphic Transfer Cheque
  1. Receive your payout within 4 hours or less!1
  1. Payout will be credited to your bank account within 4 business days2
  1. It can take up to 10 business days for you to receive the cheque at your mailing address.
  1. NO documents required.
  1. Documentation such as a copy of a bank statement is required.
  1. NO documents required.
  1. Funds are credited into your bank account.
  1. Funds are credited into your bank account.
  1. You will need to physically deposit the cheque at the bank.
 
1For payouts from Investment-Linked policies, the payment will only be processed after the fund prices are updated.
2Please note that your bank may require additional processing time before the funds are reflected in your bank account.

If you select to receive your policy correspondences electronically, AIA will send you an email and/or SMS upon completion of the PayNow transfer. Else, a letter will be sent to your mailing address.
 
Your bank may also send you an email or SMS notification when the amount is credited into your bank account.

The method of receiving your payout is contingent upon the type of payout:
 
For service-related requests like surrender policies or policy loans etc, your payout will be issued via a cheque sent to your provided mailing address, typically within 7 to 10 business days. No action is required from you.
 
In the case of payout(s) involving an accumulation feature, such as policy benefits like coupon payment or dividend payments or unclaimed monies, the payout will be automatically reinvested back into the policy. You may approach your financial service consultant for assistance or submit the withdrawal request of the accumulated funds via AIA+.