I HAVE an endowment policy whose premium is paid with CPF funds. Wishing to pay the premium in cash, I checked with my insurer and was told that the CPF Board does not allow such a conversion.
This meant that I cannot close my account with the agent bank, and will have to continue paying the quarterly bank charge.
Why does the CPF Board disallow such conversions? Is it not very good that someone is willing to use cash to buy insurance, leaving more funds in the CPF?
Seow Joo Heng