Read this to discover everything there is to know about the Dependent Protection Scheme: What is the DPS scheme, and who is qualified for it? Date and amount of money received The family may benefit from having short-term life insurance in the event of unforeseen events. The Dependent Protection Scheme has been brought to our attention in particular, and it will surely be useful in unexpected situations.
Dependent Protection Scheme 2024
Individuals contributing to the CPF are entitled to the DPS. CPF is an additional and mandatory social security saving scheme that helps all citizens save an additional amount for retirement. Employees as well as the employees make an active contribution to the scheme and can get access to it at the time of retirement.
It is the largest retirement funding scheme in the nation. The fund is distributed to various accounts such as the Medicare account, Special account, or savings account which can be utilized to buy a new home, Medicare expenses, or other financial services. Besides CPF there are other retirement savings like private pension schemes and other investment options
DPS provides financial support to the claimant’s family in demise, extreme illness, or disability. Having life insurance is a crucial part of protecting the spouse and dependents’ children. The Greater Eastern Life manages the entire DPS in Singapore.
What is the DPS Scheme?
Candidates do not have to fill out the application in case they have already made their first contribution to the CPF. Filling out manual DPS applications typically involves visiting the nearby office. In case DPS has not been involved the worthy citizen automatically rings the hotline number available on the website or visits the Great Eastern Centres.
The amount to DPS is directly paid from the CPF scheme so citizens do not have to worry about saving supplementary money to pay in the scheme. If there are insufficient funds in the CPF account or have decided to pay the whole premium fund once, it must be paid with cash.
Who is Eligible For DPS?
No cost is applied to fill out the application so grab the offer and be a part for to protect your family at times of upcoming hardships. Check out the eligibility from the points we have shared below.
- The claimant must be a Singaporean or permanent residency holder to be entitled.
- Individuals between the ages of 21 to 65 years are covered by the scheme.
- Medical certification to prove the terminal illness or permanent disability is mandatory.
Here’s a precise difference between terminal sickness and permanent disability have a glance at it. Terminal sickness is a condition of the body or mind that is incurable and may even lead to the death of the patient. In contrast, permanent disability occurs in a person when they are unable to work and is expected to last till infinity.
Dependent Protection Scheme Payment Date 2024
The payment gateways to receive the DPS payment are CPF, GIRO, Great Eastern Application, cash, or paper checks. The beneficiary can claim the DPS amount anytime by simply filling out the opt-out form from the website.
Members should opt out carefully only after knowing the benefits and eligibility. To rejoin the DPS individuals have to access the Medical reports and enrollment will be made only if the applicant is in good health.
Dependent Protection Scheme Amount 2024
The lump sum of $70,000 will be paid to the member aged between 21 years to 60 years. Additionally, payment of $55,000 will be made to the member for age 60 to 65 years. Bear in mind to withdraw the Dependent Protection Scheme Amount before turning 65 years old.
The CPF members are automatically enrolled under the DPS scheme if not follow our guide if you wish to be a part of Great Eastern Life term insurance.
- Download the Proposal Form from the official website, fill out all the credentials carefully, and submit the form to the designated address mentioned on the application.
- Your personal Financial Agent can help you guide and provide the form.
- Reach out to the Customer Service Centre in Singapore and request for the application. The officers present over ther will guide during the entire procedure.