The Dependants’ Protection Scheme (DPS) is an affordable term insurance scheme that provides insured members and their families with some money to get through the first few years should the insured members become permanently incapacitated or pass away.
Currently, DPS is administered by two insurers, Great Eastern Life and NTUC Income. The scheme is extended to CPF members who are Singapore citizens or Permanent Residents, between age 16 and 60, when they make their first CPF contribution.
DPS is an optional term insurance which covers CPF members for a maximum sum assured of $46,000 up to age 60. The coverage is worldwide. The DPS benefit will be paid out if the insured member passes away or becomes permanently incapacitated such that he or she can no longer work.
Why should I be covered under Dependants' Protection Scheme (DPS)? What are the benefits of being covered?
As a DPS member, you can enjoy insurance coverage at affordable premiums. Furthermore, the premiums can be paid using your CPF Ordinary/ Special Account(s) savings; no out-of-pocket cash is required.
Source from CPF Board
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