DPS or Dependants’ Protection Scheme is an opt-out term insurance that is offered to eligible insured members and their families to get by the initial few years upon the demise of the insured member or if the insured member suffers from TPD (Total Permanent Disability) or TI (Terminal Illness).
What is offered under DPS?
Under this scheme, eligible members will receive sum assured up to SS$46,000 until they reach 60 years of age. This amount will only be paid out to the member and their family in case of the member’s demise, or if the insured member suffers from TPD (Total Permanent Disability) or TI (Terminal Illness).
Who administers DPS?
The CPF Board has appointed the following insurers to administer DPS:
- NTUC Income.
- Great Eastern Life.
Who is covered under DPS?
You are automatically enrolled for DPS if you meet the following criteria:
- You are a Singapore Citizen (SC) or a Singapore Permanent Resident (SPR).
- You are at least 20 years old and not older than 60 years.
- You have made your 1st CPF working contribution.
Advantages of being enrolled in DPS
If you are insured under DPS, you will benefit in the following ways:
- You will receive financial protection with affordable premiums.
- You can use the savings in your Ordinary Account or OA/ Special Account or SA to pay your DPS premiums.
The yearly premium you need to pay will depend on your age last birthday.
Table 1: DPS Yearly Premiums for different age groups for sum assured of maximum SS$46,000:
|Age Last Birthday||Yearly Premium|
|34 years old and below||S$36|
|35 to 39 years||S$48|
|40 to 44 years||S$84|
|45 to 49 years||S$144|
|50 to 54 years||S$228|
|55 to 59 years||S$260|
Making DPS Premium Payments
You can pay your premiums through cash or your CPF savings.
If you choose to use your CPF savings to pay for your DPS premiums, in that case the amount will be deducted from your OA first. If your OA does not have enough savings to pay for your premium, only then will the premium be deducted from your SA. If there is no sufficient balance in either CPF Accounts, you will have to pay cash to your insurer.
Coverage under DPS after making the premium payment:
Every premium you pay will cover you for 1 policy year. This means you will be covered for 12 months from your commencement date.
Declaration of Health for DPS insurance
You need to be in good health in order to be covered under DPS. You may be rejected for this cover if you already have pre-existing medical conditions. This is because the scheme has to remain affordable and viable to ALL members.
However, if you are suffering from a medical condition, the DPS insurers will still consider your eligibility depending on the seriousness of your medical condition.
Making a DPS Claim
Under the following circumstances only can you make a DPS claim:
- You have been certified by a doctor as having a TPD (Total Permanent Disability) or TI (Terminal Illness).
- In an event that you have passed away.
You will NOT be eligible for DPS benefits under the following circumstances having occurred in the 1st policy year:
- You commit suicide or a self-inflicted injury.
- You commit a criminal offense that is punishable by death.
- If you have claimed for DPS out of an intentional criminal act that has arisen because of you.
You will NOT be eligible for DPS benefits under the following circumstances:
- You suffer from TPD (Total Permanent Disability) or TI (Terminal Illness) before your cover commences.
- You have provided the CPF Board with misleading/false information.
- You file a claim after participating in a riot OR your claim is a result of a war/warlike operations.
Filing for a DPS claim:
You will have to contact your insurer (NTUC Income/ Great Eastern Life) for information regarding filing a DPS claim.
Making a DPS nomination:
You will have to contact your insurer (NTUC Income/ Great Eastern Life) for information regarding making your DPS nomination. Please be aware that your CPF nominations are not applicable for distributing your claim benefits under DPS.
Checking if you are covered under DPS
If you want know if you are covered under this scheme, you can do so through the following ways:
- Use your SingPass and log into the CPF website. Check your status under “My Messages”.
- Check your yearly CPF SOA (Statement of Account).
Opting out of DPS
You can choose to opt out of DPS cover. For this you need to contact your insurer (NTUC Income/ Great Eastern Life). If you want to be covered under this scheme again, you will need to apply for it again with one of the 2 insurers. Once you re-apply for this scheme, your health condition will be assessed again.
Applying for DPS
If you are eligible for the Dependants’ Protection Scheme, you can apply for it with NTUC Income or Great Eastern Life according to your preference.
DPS can be highly beneficial for you especially during trying times when you are suffering from illnesses that hinder your ability to stay employed and earn for yourself and your family. You family will be able to get by using the payouts from DPS for the initial few years.