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Sunday, September 09, 2007

Selected groups may be exempted from compulsory annuities

Not all Singaporeans will need to buy compulsory annuities when they turn 55 years old.
  • Those with chronic diseases may be excluded, since they may not live long enough to enjoy the life insurance payouts.
  • Those who are adequately covered and the policy which they bought fulfils a certain requirement may also be exempted.

More details on the scheme are expected when Parliament sits on 17 September.

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