As Singapore will eliminate corporate cheques by end-2025, China Life Singapore has integrated PayNow to provide Policyholders/Claimants with a fast and convenient way to receive policy payouts.
To receive policy payouts via PayNow, please ensure that you have registered your NRIC/FIN with the bank.
Alternatively, Policyholders/Claimants may choose to receive policy payouts via Electronic Fund Transfer.
To validate that the bank account belongs to the Policyholder/Claimant, we would require a copy of the bank passbook showing the account holder’s name and account number, or a copy of a bank statement.
We would accept bank statements with the bank balances and transactions being blacked out given that such information are not relevant for validation purposes. We would also accept truncated e-statements downloaded from the banks’ mobile application, as long as the document shows the account holder’s name and account number on the same page.