Due to a change to the regulatory requirements issued by the MAS, from 1 Feb 2014 onwards, it is no longer permissible for the insurance service providers to provide any benefit illustrations. This is to avoid misinterpretation of investment projections. All references to ‘Benefit Illustration’ (BI) in the product literature must now also be removed. […]
Reminder to CPF Recurring Single Premium policy (RSP) customers
CPF Board has advised all insurers to send a letter to all customers who has a Recurring Single Premium (RSP) policy purchased under the CPF Investment Scheme – Ordinary Account (CPFIS-OA), to remind them about the possibility of a penalty charge, should it fail the minimum investment amount criteria set by CPF Board. A sample […]