By MoneyBees
What your nominees get back from CPF LIFE if you pass away: the premium minus payouts received, by plan and age, and when the refund runs out.
Your nominees get the unused premium: the amount deducted from your RA for CPF LIFE minus the total payouts you received. It is paid with your other CPF savings.
No. CPF refunds the unused premium only. Interest earned on the premium stays in the CPF LIFE pool to keep paying members who live longer.
When the payouts you have received add up to your premium. On the Standard plan with S$1,780 a month on a S$300,000 premium, that is after 169 payouts, at about 79.
No. CPF LIFE pays you every month for life. The refund only affects what your nominees get.
Only about 10% to 20% of your RA is the premium on Basic. Payouts come from the rest of your RA until one month before 90, so the premium stays whole until then. Your remaining RA also goes to your nominees.
There is no premium yet. Your whole Retirement Account, with interest, goes to your nominees in cash with the rest of your CPF savings.
In cash by PayNow or GIRO. CPF contacts nominees within 10 working days of being told of the death. Without a nomination, the Public Trustee distributes it, which can take up to six months.
Standard, Escalating and Basic do. The old CPF LIFE Income Plan from 2009 has no refund feature.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).