What is the premium for DPS?
How much premium do I need to pay to be covered under Dependants’ Protection Scheme (DPS)?
| Age (as of payment date) | Yearly Premium for $70,000 sum assured |
|---|---|
| 35 – 39 years | $30 |
| 40 – 44 years | $50 |
| 45 – 49 years | $93 |
| 50 – 54 years | $188 |
What is DPS in CPF statement?
Dependants’ Protection Scheme (DPS) is a term life insurance scheme that provides basic financial protection for you and your family in the event of death, terminal illness or total permanent disability.
Why did DPS change to Great Eastern?
Your DPS coverage is automatically transferred to Great Eastern Life from 1 April 2021….
| Age (Last Birthday) | Yearly Premium for S$46,000 sum assured (before 1 April 2021) | Yearly Premium for S$70,000 sum assured (From 1 April 2021*) |
|---|---|---|
| 55 – 59 years | S$260 | S$298 |
| 60 – 64 years | Not applicable | S$298 (for sum assured of S$55,000) |
How do I find out my DPS provider?
Click on “my cpf” tab at the top.
- Select “My Messages“
- Under Insurance, you should be able to see information about your Dependants’ Protection Scheme (DPS) coverage and your insurer. All Singaporeans are either under Great Eastern Life or NTUC Income for their DPS coverage.
How much is DPS claim?
Previously, the maximum payout (sum assured) was just $46,000, but from April, it will increase to $70,000. Your yearly DPS premium will increase as you age. That means you will start paying $18 a year up to age 35, with premiums then rising every 5 years up to $298 a year from age 55.
How do I pay my DPS?
DPS Payment Express
- If you don’t already have an account, sign up for DPS Payment Express (Payment Express website).
- Click on the organisation name, select Settings, then click Payment services.
- Choose the option applicable to you:
- Complete the fields.
- Click Save.
How much is DPS payout?
The DPS scheme provides some basic coverage in the form of a $70,000 payout for your loved ones.
What is terminal illness in term insurance?
A terminal illness cover is concerned with paying out the insurance money to the policyholder if they are diagnosed with a serious illness, and the life expectancy is less than 12 months.
What is dependent’s protection scheme?
Dependants’ Protection Scheme is a term life insurance scheme which is automatically extended to all Singaporeans and PRs between ages 21 and 65. It’s not compulsory, but you have to opt out if you don’t want to be covered. If you do nothing, you are covered for the maximum sum of $70,000 up till your 65th birthday.
How long does a DPS claim take?
For the Deposit Protection Service (DPS), the following in summary will occur where a deposit is to be repaid. If DPS satisfied with single claim, payment is made to landlord within 10 days.
Who is covered under DPS?
DPS coverage is automatically extended to all working Singapore Citizens or Permanent Residents, upon a valid CPF working contribution between the age of 21 and 65. It provides coverage against Death, Terminal Illness and Total Permanent Disability.
How do I know if my insurance is CPF?
Go to www.cpf.gov.sg. Log in to your CPF account. On the left, click “My Message” Your will be able to see which insurer you are with for your IP under Medishield-Approved Private Integrated Plan.
How to apply for Great Eastern life DPS?
CPF members aged 16 and above who were not extended a DPS cover automatically but wish to be insured can apply for DPS directly with Great Eastern Life. To apply, you can: Download the Proposal form and return the completed form to us, or Get in touch with your Financial Representatives
Who is the sole DPS insurer for Great Eastern life?
For existing DPS customers under Great Eastern Life, your prior nominations will remain effective. When you make a nomination, you will determine the beneficiary (s) to your DPS policy in the event of a death claim. From 1 April 2021, Great Eastern Life will be the sole DPS insurer.
When does enhanced dependants protection scheme ( DPS ) start?
SINGAPORE, 8 April 2021 – Starting this month, the newly-enhanced Dependants’ Protection Scheme (DPS) under the Central Provident Fund Board (CPF Board), provided by home-grown insurer Great Eastern for the next five years, will offer close to 2 million DPS members increased insurance coverage at attractive premiums.
Who is the sole provider of DPS UK?
From 1 April 2021, Great Eastern Life will be the sole provider of DPS. It is a term-life insurance scheme which provides insured members and/or their families with some money to get through the first few years should the insured members meet an untimely death, suffer from terminal illness or total permanent disability.