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The CPF Board’s Dependants’ Protection Scheme (DPS) will be privatised on 17 September 2005. As previously announced, The Great Eastern Life Assurance Company Limited (Great Eastern Life) and NTUC Income Insurance Cooperative Limited (NTUC Income) have been appointed as insurers to take over the scheme.
The Board will be informing DPS members of their assigned insurer through mail packages from tomorrow. No action is required from members. However, those who wish to change their assigned insurer can inform the Board before 17 September 2005 via our website or use the forms enclosed in the mailers sent to them.
DPS members can look forward to enhanced benefits upon its privatisation. The sum assured will be increased to $46,000 from $44,000 without any increase in premium. In addition, the annual premium for members aged 55 and above will be reduced from $360 to $260.
DPS is a term insurance that provides CPF members with some money to tide them over should the insured member becomes physically or mentally incapacitated. The claim will be paid to the families in the event of the member's demise. More than 28,000 families have been paid claims under DPS since its inception in 1989, and they have received a total of about $1 billion. |