Just some sharing of a question that I was asked today.
"I have only $12,000 left in my Ordinary Account now and I have a regular premium Endowment plan which I used CPFOA since 1995. Will I be affected by the $20,000 cap set by CPF Board in April 2008? Must I use cash to pay for the premium if I am to continne with this plan?"
The answer is "No". You can also continue to pay for your agent bank fee and to service the future premiums of your regular premium insurance policy even if your Ordinary Account balance falls below $20, 000 after the 1st April 08 Ruling.
However, this does not apply to recurring single premium insurance policies or regular savings plans for unit trusts.
Monday, November 30, 2009
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