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All you want to know
about the...
EPF
Annuity Scheme
Surrendering
the scheme - can or not?
Yes, you may. Members can surrender back the policy at ANY
TIME. However, the insurance company will have to charge it with a
minimum fee at a specific rate (called surrender charged).
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Firstly,
if you surrender the policy before age 55: Policyholder can surrender
his policy within the deferred period, i.e. when there is no annuity payment
made yet. Total refund of surrender value is exactly the same as all
premium paid with accumulative profit with 4% interest per annum less the
surrender charged. Surrender value will be refunded to EPF and credit
back into your ACCOUNT I.
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Secondly, if you surrender the policy
after age 55: Policyholder will have the right to surrender the policy
at the time of annuity payment is paid (after age 55). Surrender value
amount received will based on commutation value. However, it is not
necessary to send the surrender value amount to EPF, even though full
withdrawal had not been made.
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