New name

National Life-long Income Scheme instead of National Longevity Insurance Scheme.

Giving refunds

Premiums will be refundable for those who die early. Money to be returned to their families.

Being flexible

People to be given choice on when to start receiving payouts.

Earlier payout age

If they fail to make a choice, the default plan is that they will start getting their payout from age 80, instead of 85 as proposed earlier.

Different operator

CPF Board to administer the scheme instead of a private-sector company, as it is a 'trusted partner' and can absorb the administrative costs.