Monday, March 8, 2010

CPF for Family Protection

  • CPF members who are Singapore citizens or Permanent Residents, between age 16 and 60, when they make their first CPF contribution are qualified
  • helps you and your family to tide over the first few years in the event of an insured member's permanent incapacity or death.
  • choice of 2 insurers: Great Eastern Life Assurance Company Limited or NTUC Income Insurance Cooperative Limited
  • as DPS member, you can avail of affordable premiums
  • premiums can be paid using CPF Ordinary/Special Account, no out-of-pocket cash is required
  • an optional term insurance which covers CPF members for a maximum sum assured of $46,000 up to age 60.  The coverage is worldwide.  
  • A claim can be made when:
    • The member becomes physically/mentally incapacitated and can no longer work as certified by a doctor, or
    • The member dies.
    The DPS benefit will not be payable if the death or permanent incapacity is the result of:
    • suicide or self-inflicted injury within the first year of cover; or
    • capital punishment resulting from crimes committed within the first year of cover; or
    • pre-existing illnesses/conditions or impairment/ incapacity before the cover started unless approval has been granted by your insurer; or
    • participation in wars, any war-like operations or riots.
  • DPS benefits will be distributed to the beneficiaries according to the nomination or the will. 
  • If an insured has not made a nomination or drawn up a will, DPS claim benefits will be distributed to the beneficiaries of the estate (via the legal representative of the estate) or to the proper claimants as defined under the Insurance Act. A proper claimant is usually the deceased's immediate family member, e.g. spouse, parent, child or sibling.

  • protects you and your family from losing your home
  • applicable to all CPF members who use their CPF savings to buy an HDB flat. 
  • Should the insured member become permanently incapacitated or die, the CPF Board will pay the outstanding housing loan based on the amount insured.

  • a catastrophic medical insurance scheme to help you and your dependants to meet the high medical costs of prolonged or serious illnesses. 
  • For older CPF members, there is ElderShield, an affordable severe disability insurance scheme that provides insurance coverage to those who require long-term care.
  • designed to help Singaporeans  pay part of the large hospitalisation bills for treatment of serious illnesses or prolonged hospitalisations at Class B2/C wards in restructured hospitals, and Singapore Permanent Residents (SPRs) who are eligible for subsidised medical care in restructured hospitals in Singapore.
  • covers hospitalisation expenses and certain approved outpatient treatments, such as kidney dialysis, chemotherapy and radiotherapy for cancer treatment. For more info on coverage
  • premiums can be paid yearly through the Medisave Account


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