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News Release by:
Central Provident Fund Board
28 JUNE 2003 -- |
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| From 28 June 2003, CPF members insured under the Dependants’ Protection Scheme (DPS) will be able to enjoy higher coverage at the current affordable premium rates. The insured sum under the DPS will be increased from the current $36,000 to $44,000, without any increase in the premium rates. |
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| CPF members who are already covered under DPS will have their sum assured increased automatically. Members who are partially insured will enjoy a proportionate increase in their sum assured. New members who join the scheme will also be able to enjoy the higher sum assured. |
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Existing CPF members who are covered under DPS will also receive a one-time bonus sum assured. The bonus sum assured ranges from $1,500 to $4,000, depending on the number of years the members have been insured. The revised total sum assured for members will be indicated in their CPF January-June half-yearly Statement of Accounts. Existing members will be able to enjoy up to a maximum sum assured of $48,000.The increase in sum assured and the bonus sum assured are possible because there have been fewer claims than expected and lower operation costs. |
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The DPS is an optional term-life insurance scheme operated by the CPF Board which provides financial protection to about 1.54 million CPF members and their families against physical/mental incapacity or death of the insured members up to age 60 years. Since its introduction in 1989, more than $779 million have been paid out to some 22,731 families of insured members. |
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CPF members can call 1800 227-1188(Code 6) or email Insurance@cpf.gov.sg for enquiries. |
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