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Fri, Mar 27, 2009
The Straits Times
Bequests vary according to CPF Life plan

THE Manpower Ministry yesterday provided information on how much would be left for family members if a person dies while on the Central Provident Life Scheme, a compulsory national annuity.

CPF Life provides a monthly income for the rest of a person's life. The amount differs depending on how much is left in a member's CPF savings.

There are four plans to choose from. Three of these plans allow for a contributor to bequeath his savings to his beneficiaries if he dies while still on the CPF Life scheme.

The Life Plus plan gives the most in monthly payouts but will yield the smallest amount that can be bequeathed to beneficiaries.

On the other hand, the Life Basic plan gives the least in monthly payouts but provides the most should the contributor die.

Nominated MP Siew Kum Hong wanted to know the estimated amounts left behind for beneficiaries should contributors die at the ages of 75 and 80.

Acting Manpower Minister Gan Kim Yong provided the estimates in a written reply released yesterday.

This article was first published in The Straits Times.

 

 
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