LIA Claims Interest Rates
28 Sep 2023
The LIA Statement of Life Insurance Practice provides for interest to be payable when the payment of a claim is made more than two months from the date of receipt of written notification of the death; in respect of endowment policy, interest is also payable if payment is made more than two months from the date of maturity.
Such interest will be calculated using the LIA Claims Interest Rate from the said date of notification until the actual date of payment. The interest rate is updated every three months.
LIA Claims Interest Rate
The LIA rate is based on the CPF computed (calculated) rate that is derived by the CPF Board for its Ordinary Account.
Extract from the CPF Board’s website:
The formula to compute the calculated rate is 80% fixed deposit rate and 20% savings rate of the average of the major local banks over the preceding relevant 3 months.
For Q4 2023 CPF computed (calculated) rate, please click here: