Learn about the Dependent Protection Scheme (DPS) 2024: What is the DPS Scheme and Who is Eligible? Payment Date and Amount.
Short-term life insurance can be highly beneficial for families facing unexpected circumstances. The Dependent Protection Scheme (DPS) focuses on providing valuable coverage in unpredictable situations. Explore how the DPS Scheme offers financial protection and who qualifies for this support.
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Dependent Protection Scheme 2024
Individuals contributing to the Central Provident Fund (CPF) are eligible for the Dependants’ Protection Scheme (DPS). CPF is a mandatory social security savings scheme designed to help citizens save for retirement. Both employees and employers actively contribute to this scheme, which provides access to funds upon retirement.
CPF is the largest retirement funding scheme in the nation. It allocates funds to various accounts, including the Medisave Account, Special Account, and Ordinary Account, which can be used for purposes such as purchasing a new home, covering medical expenses, or other financial needs. In addition to CPF, there are other retirement savings options like private pension schemes and investment plans.
The DPS offers financial support to a claimant’s family in the event of death, severe illness, or disability. Life insurance is an essential component for protecting a spouse and dependent children. The Greater Eastern Life manages the DPS in Singapore.
What is the DPS Scheme?
Candidates are not required to complete the application if they have already made their first contribution to the CPF. Filling out manual DPS applications usually involves a visit to a nearby office. If DPS has not been engaged, the eligible citizen should call the hotline number listed on the website or visit the Great Eastern Centres.
The amount for the Disability Protection Scheme (DPS) is deducted directly from the CPF account, so citizens don’t need to set aside additional funds for this purpose. However, if there are insufficient funds in the CPF account, or if one prefers to pay the entire premium at once, it must be done 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.
- To be eligible, the claimant needs to be a Singaporean or possess permanent residence.
- Individuals between the ages of 21 to 65 years are covered by the scheme.
- Medical certification to verify terminal illness or permanent incapacity is required.
Take a look at this detailed comparison of terminal illness and permanent disability. Terminal illness is an incurable physical or mental ailment that may result in the patient’s death. 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
To receive the DPS payment, you can use payment gateways such as CPF, GIRO, the Great Eastern Application, cash, or paper checks. The beneficiary can claim the DPS amount at any time by filling out the opt-out form available on the website.
Members should carefully consider opting out only after understanding the benefits and their eligibility. To rejoin the DPS, individuals must provide medical reports, and enrollment will be permitted only if the applicant is in good health.
Dependent Protection Scheme Amount 2024
A lump sum of $70,000 will be paid to CPF members aged between 21 and 60 years. For members aged 60 to 65 years, an additional payment of $55,000 will be made. It is important to withdraw the Dependent Protection Scheme (DPS) amount before turning 65 years old.
CPF members are automatically enrolled in the DPS scheme. However, if you prefer to be covered under Great Eastern Life’s term insurance, follow the provided guide.
To apply, download the Proposal Form from the official website, complete it with the necessary details, and submit it to the address specified on the form. Your personal Financial Agent can assist with completing and submitting the form. Alternatively, you can contact the Customer Service Centre in Singapore for assistance, and the officers there will guide you through the process.
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