Can I increase or decrease the premiums to be paid for my Academic Staff Provident Fund Approved Investment Scheme (ASPFAIS) Part V insurance policies?
Academic Staff Provident Fund (ASPF) members are not allowed to make any changes to their Part V insurance policies that will cause an increase in premiums with effect from 28 December 2006 (i.e. the date that National University Singapore issued the official “Dissolution Notice” to all its members). However, if the increase in premiums is due to attained age at renewal of the policies1, or conversion of the policies2, you can use your CPF monies to pay the higher premium.
ASPF members can make any changes to their Part V insurance policies that will result in a decrease in premiums, as long as the insurance companies allow it.
1When a member exceeds a certain age, he may have to pay a higher premium to renew his insurance policy. In such an instance, he can continue to use his CPF monies to pay the higher premiums.
2A member’s insurance policy contract may allow him to convert: (1) a rider to a new whole life policy, endowment policy or investment-linked insurance product (ILP); or (2) a whole life policy to an endowment policy or vice versa.
