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 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.
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.
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.
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.
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.
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.
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.
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