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How does the Board treat the maturity proceeds by the insurer after I reached 55 years old?

The maturity proceeds from your insurance policies under the CPF Investment Scheme-Ordinary Account (CPFIS-OA) and the CPF Investment Scheme-Special Account (CPFIS-SA) are handled differently.

Are your insurance policies under the

For CPFIS-OA policies, the proceeds would be refunded to your CPF Investment Account with your agent bank. You can instruct your bank to transfer the monies back to your CPF Ordinary Account. You can apply for withdrawal of the monies subject to the prevailing CPF withdrawal rules.

 

For policies that have already been transferred to your name earlier when you applied for withdrawal of your CPFIS investments, it would be considered as cash policies and the insurance companies would pay the proceeds directly to you.

For CPFIS-SA policies, the proceeds would be refunded to your CPF Special Account. You can apply for withdrawal of the monies subject to the prevailing CPF withdrawal rules.

 

For policies that have already been transferred to your name when you applied for withdrawal of your CPFIS investments, it would be considered as cash policies and the insurance companies would pay the proceeds directly to you.