Manulife Allegedly Deducts Money From Netizen's Bank Account Even Though Premiums Paid

A frustrated All Singapore Stuff reader allegedly got money deducted from her bank account by Manulife insurance even though she supposedly paid the whole year's worth of premium. These insurance policies were bought by her ex-husband. Even though the ex-husband is in a coma, Manulife allegedly refused to reveal anything about her son's policies which were bought by this ex-husband.

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This reader faced a previous issue with Manulife when her ex-husband allegedly did not pay these insurance policies for three years. Manulife sent in letter reminders and SMS to her without indicating full policy numbers and the outstanding amount. When she did not manage to pay the outstanding amount, she claims Manulife kept adding interest onto these payments.

The frustrated reader eventually wrote in to MAS (Monetary Authority of Singapore) regarding this alleged lack of oversight over insurance companies and how they manage payments. She urges netizens to check their bank accounts to see if the premium deductions tally with what was previously agreed upon with the insurance companies.

 

Update: Manulife has responded with a statement dated 27 Jul 2020:

Statement by Manulife Singapore

“At Manulife Singapore, we take all customer-related feedback and issues seriously.

Upon receiving news of Mdm Ong’s concerns on the premium deductions of her policy, we took immediate steps to get in touch with her to offer assistance and clarifications. A thorough internal review was also conducted to ascertain if the details and deduction of premiums are accurate according to her policy.

Following this review, we confirmed that the premium deductions were correctly processed and a payment record for Mdm Ong has been provided to explain the breakdown of the payments.

Manulife Singapore remains committed to providing all our customers with clear and transparent information. We encourage all customers to speak with their agents, who will be able to provide the necessary clarification and advice."

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