Continuing in the same vein as our previous blog post, we move onto the other important CPF insurance schemes that everyone should be aware – Dependent Protection Scheme (DPS) & Eldershield.
Likewise, we have compiled some of the pertinent information into a table format for your easy understanding
|Purpose||Basically a term plan with a cover amount of 46k.||A severe disability insurance plan that provides monthly cash payout, up to a maximum period of 72 months|
|Premium||Payable via CPF OA or SA accounts||Payable via CPF Medisave accounts|
|Plan choices||As DPS is currently administered by NTUC Income & Great Eastern, you choices are between the two.||There are two plans - ElderShield300 & ElderShield400 but you are automatically opt-in to one of them, depending on your join date.
ElderShield300 offers a payout of $300 per month for a maximum of 60 months
ElderShield400 offers a payout of $400 per month for a maximum of 72 months
Currently Aviva, NTUC Income & Great Eastern are the three appointed insurer for Eldershield scheme.
|Is it compulsory?||If you are a Singapore Citizen or Permanent Resident (PR) & between 21 and 60 years old, you will be automatically opt-in once you made your first CPF contribution.||If you are a CPF member and above the age of 40, you are automatically opt-in.|
|How to apply?||If you are eligible and not automatically enrolled, you may contact either NTUC Income or Great Eastern.||If you are eligible and not automatically enrolled, you may contact Aviva, NTUC Income or Great Eastern.|
An easy way to find out if you are already enrolled, you may login via Singpass to your CPF Account to find out if the premium are deducted from the relevant account.
If you have any further tips, please share with us in the comments.
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