GE Logo
Select your country and language
Singapore
Malaysia
Indonesia
Brunei
GE Logo

Term Life vs DPS

Print
Share
Term Life vs DPS

Dependants’ Protection Scheme (DPS) is a term-life insurance scheme that provides basic coverage for insured members in the unfortunate event of Death, Total and Permanent Disability or Terminal Illness.

Premiums for DPS can be paid via Cash or CPF Ordinary Account and/or Special Account.

DPS in a nutshell

What is DPS

DPS is an opt-out term insurance scheme which is automatically extended to eligible CPF members. DPS provides coverage to the insured member for a maximum sum assured of S$46,000, up to age 60.

 

Who is covered
Singaporeans and Permanent Residents, between 21 and 60 years old, will be automatically included under DPS on their first CPF working contribution
What does DPS cover
Death, Total and Permanent Disability (TPD) and Terminal Illness (TI).

Coverage Gaps: What you should know

Coverage up to age 60

COVERS UP TO AGE 60

DPS ends when the insured person reaches 60. However, our life expectancy has increased over the years. According to a global lifespan study, life expectancy in Singapore will be 85.4 years1 by the year 2040, third highest in the world. That means many of us may live beyond 60.

 

Payout up to a maximum of S$46,000

PAYOUT IS UP TO A MAXIMUM S$46,000

End of life care is estimated at S$7,0002 a month for inpatient hospice care for the terminally ill in Singapore. Even with available government subsidies to offset costs, treatment and care will come at a heavy price for caregivers.

 

No coverage for critical illnesses

NO COVERAGE FOR CRITICAL ILLNESSES

Heart disease, cancer and other critical illnesses continue to be among the leading causes of death in Singapore based on the latest government statistics3. DPS does not cover critical illnesses.

 

Not convertible to a life policy offering cash value

NOT CONVERTIBLE TO A LIFE POLICY OFFERING CASH VALUE

DPS does not build any cash value and cannot be converted to a life policy offering cash value. However, some Term Plans, for example, Great Eastern’s GREAT Term that provides coverage for Death and TI, also allows the insureds to convert their Term Plan to a life policy at a later stage in life when savings become an important priority.

 

Close your protection gaps for a more comprehensive protection

CLOSE YOUR PROTECTION GAPS FOR A MORE COMPREHENSIVE PROTECTION

Great Eastern offers a comprehensive suite of products that help ensure you are adequately protected through your life journey.

The table below shows how Great Eastern Life’s GREAT Term policy with an added Total & Permanent Disability (TPD) Benefit Rider can provide more than twice the coverage of DPS with just a slight increase in premium payable.

 

Benefit Plan Sum Assured Total Premiums Paid
Death, TPD & TI DPS S$46,000 S$4,216.00
GREAT Term & TPD Benefit S$110,000 S$4,793.40

The example is based on a 24 years old male, non-smoker who chose a 36 years policy term.

 

Age (Years) Yearly Premium (S$)
34 and below 36
35-39 48
40-44 84
45-49 144
50-54 228
55-59 260

ELIGIBILITY

• You must be an eligible CPF member.

• You must be a Singapore Citizen or Permanent Resident.

• You must be between 16* and 59* years old (both ages included). If you are 21* years old & above when you made your first CPF contribution, you will be automatically covered. Otherwise, you can apply directly with Great Eastern.

 

#Lifeproof your future as you grow your career.

 

Notes and Disclaimers

1 https://www.straitstimes.com/singapore/health/singaporeans-life-expectancy-to-reach-854-years-in-2040-third-highest-in-the-world

2 https://www.healthhub.sg/live-healthy/125/inpatienthospicecareaic

3 https://www.statista.com/statistics/625073/singapore-leading-causes-of-death/

4 https://www.greateasternlife.com/sg/en/personal-insurance/our-products/life-insurance/dependants-protection-scheme.html

* Refers to attained age.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

The above is for general information only. It is not a contract of insurance. The precise terms and conditions of this insurance plan are speci­fied in the policy contract.

As this product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely.

It is usually detrimental to replace an existing accident and health plan with a new one. A penalty may be imposed for early plan termination and the new plan may cost more, or have less benefi­ts at the same cost.

Protected up to specifi­ed limits by SDIC.

Back to top
Need help?
call for product enquiries
For product enquiries
For customer service
Get Help
Contact Us
Make a claim
Buy General Insurance
Footer Logo
Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd
Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd