Can a customer purchase a single premium endowment policy that matures at age 65 under SRS? What happens to the cash proceeds upon maturity?
An SRS account holder may purchase a single premium endowment policy that matures when he/she reaches the age of 65. The cash proceeds upon the maturity of any investment (including a single premium endowment policy) would generally have to be returned to the SRS account.
Related questions
Must the investment mature when one reaches the prescribed retirement age?
If I am a foreigner and start contributing to SRS at the age of 55, am I allowed to withdraw my SRS contribution without penalties, at the age of 62?
Can I withdraw my SRS money before the age of 62?
Is there an age limit for contributions to the SRS?
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