Sunday, April 29, 2007

Dependents Protection Scheme - Singaporeans and PR only.

I'm covered but for quite some time I had no idea what I'm covered for......:)

So I did some reading and would like to share what I have learnt for all you clueless CPF contributers out there.

What is Dependents' Protection Scheme (DPS)?
It is a term-life insurance scheme (which means you don't get any money when your insurance ends but its okay because the premiums for term life are lower than for endowment) covering CPF members:
a) Singapore citizens or permanent residents
b) between 16 and 59 years old at entry
c) for a sum of $46,000 up to age 60.

It covers DEATH and PERMANENT INCAPACITY.

About premium payment and premium amount
Paid yearly from CPF Ordinary Account or Special Account. (and its auto renewed so you don't need to worry about it. Unless of course, you don't have enough money in which you can pay the difference in cash or be insured for a lower amount. Note: Check your annual CPF statement for more information)

Yearly premium is based on age range (male and female) as follows:
34 and below: $36
35-39:$48
40-44:$84
45-49:$144
50-54:$228
55-59: $260

For more information: http://mycpf.cpf.gov.sg/CPF/my-cpf/get-mar/GM2.htm

1 comment:

Say Hong TAN said...

Hi j! Great starter to the DPS. Had just gotten a renewal notice from NTUC Income and was wondering what's this that I've signed up some way back.