The Dependants’ Protection Scheme (DPS) is a life insurance scheme introduced by the Singapore government in 1989 to provide financial security to CPF (Central Provident Fund) members and their families in the event of death, terminal illness, or total permanent disability.
This article offers a detailed overview of the features, coverage, and benefits of the DPS.
What Type of Insurance Policy Is the Dependants’ Protection Scheme
The first important point to note is the structure of the Dependants’ Protection Scheme.
DPS is a yearly renewable term insurance policy, which means that it’s coverage lasts for the entire year and must be renewed yearly. As a term insurance policy, it does not hold any cash value (you will not be able to redeem any money), but offers a low-cost insurance coverage.
The purpose of the scheme is to ensure the financial stability of your dependants in case of unforeseen events.
Which Insurer Administers The Dependants’ Protection Scheme?
DPS is solely administered by Great Eastern Life. You can view more information as well as product brochure and T&Cs on their website.
💡 Quick Bites The Dependants' Protection Scheme was first introduced by the CPF Board in May 1989. However the insurance scheme became privatised in Sept 2005, meaning that other general insurance providers may now offer this scheme to the public.
How To Sign Up For Dependants’ Protection Scheme?
1. Automatic Enrolment Into the DPS
Automatic enrolment means that all eligible CPF members aged 21 and above are automatically enrolled in the DPS as long as you fulfil these 3 criteria:
- Must be a Singapore citizen or permanent resident
- Between 21 and 65 years old
- Must be a CPF member
Manuall application: If you are between age 16 and 65 and have not been automatically covered, you can apply manually here.
Another important consideration is that although the enrolment into DPS is automatic, it is not compulsory. Should you wish to discontinue the coverage, you can manually opt-out of the scheme by contacting Great Eastern Life directly.
2. Health Declaration with Great Eastern Life
As the DPS was privatised in 2005, it is now offered by Great Eastern Life and the policy is not a guaranteed issue. You will still need to do a health declaration with the insurance provider for their review and approval.
- Existing policyholders – do not need to submit a new health declaration form
- New enrolment/applicant – must delcare all health conditions (past/current illness, surgery/treatment, physical or mental impairment)
The insurer reserves the right to reject your policy application should you have any serious health conditions.
DPS Scope of Coverage
What Am I Covered For Under Dependants’ Protection Scheme?
The DPS provides coverage in case of death, terminal illness, or total permanent disability. The policy term is for one year and starts from the date of your birthday.
For example, if your birthday is on 1st January, your DPS policy will be in force from 1st January to 31st December of the same year.
How Much Am I Covered For Under DPS?
- 59 years old and below – sum assured is $70,000
- 60-64 years old – sum assured is $55,000
The Dependants’ Protection Scheme will cover you for the above mentioned items till your 65th brithday.
Making Premium Payments
How Much Does The Dependants’ Protection Scheme Cost?
Similar to any term insurance policy, the premium is lowest for members aged 21 to 30 and increases as you get older. The amount can range from $18 – $298 a year which is still largely affordable for many individuals.
How to Pay for Dependants’ Protection Scheme?
The DPS premium is auto-deducted from your CPF ordinary account, and the premium amount varies depending on your age. The premium payment term is yearly, and it is automatically renewed as long as you have sufficient funds in your CPF account.
- Should you have insufficient funds in your CPF OA, the payment will be automatically deducted from your CPF Special Account
- In the event your CPF SA also runs out of funds, you will have to pay the outstanding premiums in cash
Important Note: You can only use your CPF account to pay for your own coverage. This means that you cannot use CPF to pay for other family members or dependants!
Conclusion: Dependants’ Protection Scheme
The Dependants’ Protection Scheme (DPS) is an essential insurance plan that provides financial security to CPF members and their dependants. The good thing is that you can use your CPF to pay for the premiums and hence do not need to fork out cash. It also offers low-cost coverage for death, terminal illness, or total permanent disability!
Am I covered by Dependants’ Protection Scheme? How to Check My DPS Coverage Status?
You can go the CPF portal and login via Singpass to check the status of your insurance coverage.
How to Make Claims On My Policy?
As the insurance policy is now administered by Great Eastern life, you will need to submit claims to them directly. You can browse their claims guide here to see how to start the process.
Is Dependants’ Protection Scheme Compulsory?
No, it is not. However if you have already been automatically enrolled, you will need to manually opt-out by contacting Great Eastern Life.