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How will the proceeds of my Academic Staff Provident Fund Approved Investment Scheme (ASPFAIS) Part V insurance policy and/or rider be distributed?

In general, premiums of Part V insurance policies and riders (if any) paid using Academic Staff Provident Fund (ASPF) monies or cash prior to the transfer of the policy to CPF Investment Scheme (CPFIS) would be treated as though the premiums were paid using CPF monies. This is because Section 22 of the First Schedule of the National University Singapore (Corporatisation) Act provides that all premiums paid or deemed to have been paid with ASPF moneys in respect of ASPF Approved Investment Scheme Investments and Part V Assurances shall, on and after the dissolution date, be deemed to have been paid with CPF monies. Hence, the proportion of the proceeds (except death benefits) corresponding to such premiums would be refunded to your CPFIS Investment Account.

However, the distribution of the full proceeds would depend on the premium payment mode after the transfer of the Part V policy to CPFIS. If, after the transfer of your policy to CPFIS:

If all the premiums of your Part V insurance policy and rider are paid using your CPF Ordinary Account savings, all proceeds would have to be refunded to your CPFIS Investment Account.

If your CPF monies are exhausted and you used cash to pay the premiums of the Part V insurance policy and rider, the proceeds would be pro-rated based on CPF savings vis-à-vis cash used to pay for the premiums after the transfer. The CPF portion and cash portion of the proceeds will be respectively refunded to your CPFIS Investment Account and to you.

If all the premiums of the Part V insurance policy and rider are paid using cash, the proportion of the proceeds corresponding to the premiums paid in cash after the transfer of the policy to CPFIS would be refunded to you in cash. The remaining proceeds would be refunded to your CPFIS Investment Account.