| Payment of surrender value of policies |
| 29. Where a life policy is purchased with any provident or pension fund moneys, section 60(1) of the Act shall have effect except that where the policy owner, at the time of giving notice under that subsection, is below the age of 55 years or other normal age of retirement, the moneys that become payable in respect of the surrender value of the life policy shall, at the option of the policy owner, be paid into the Central Provident Fund or any pension or provident fund approved by the Comptroller of Income Tax for the credit of the person entitled to such moneys. |