to my understanding , what you said is partially right. only
under the extremely high payout rate plan, do your beneficiaries
not get anything when u die. i think...
i am not saying that the beneficiaries will not get anything at
all.
I am saying that even if you choose the plan with minimum
payout, there's a portion of your cpf savings lock down in the
scheme, where it is added to the common pool of money, gone for
good.
cpf life as i understand, is about you signing up for a premium
to pledge a portion of ur cpf money to this retirement pool of
money. the more you pledge, the larger the amount you get to
collect every month. likewise, the smaller the amount you pledge,
the smaller is your monthly payout.
the amount of money pledge is gone for good. it operates on the
basis that some people will die early, while some die later. the
money of those who died early will be used to support those who
lived longer. thats about it.
