What is dependent protection scheme?

What is dependent protection scheme?

Dependants’ Protection Scheme (DPS) is a term life insurance scheme that provides basic financial protection for you and your family in the event of death, terminal illness or total permanent disability.

Can a nominee be a witness?

If the account is a joint account, the nomination form should be signed by all account holders. A witness cannot be appointed as nominee.

Can will override CPF nomination?

I have already made a will. Do I still need to make a CPF nomination? Your CPF savings are excluded from your estate and therefore cannot be covered under a Will. Excluding CPF savings from the estate protects your savings from any creditor claims on outstanding loans that you may have after your passing.

Can nominee be a friend?

In simple words, a nomination is a process of selecting one or more nominees for your policy. It will be the nominee who will receive the proceeds of your life insurance policy on your demise. It could be your spouse, parents, children, distant relative, or even a friend.

Can Muslims nominate CPF?

In 2010, the Fatwa Committee of the Majlis Ugama Islam Singapura decreed that CPF nominations are akin to gifts (hibah) and are permitted under Muslim law, see: https://www.muis.gov.

Does divorce revoke CPF nomination?

Divorce does not revoke a CPF nomination. This treatment is similar to that for wills, where a divorce does not revoke a will.

Can we opt out of DPS?

Coverage under the Dependants’ Protection Scheme (DPS) is not compulsory. You can terminate your DPS cover any time by completing the opt out form. Please approach your DPS insurer, Great Eastern Life for the form. Please consider the benefits of DPS carefully before you terminate your DPS cover.

What is the premium for DPS?

^Premiums are payable on member’s DPS policy commencement date and on subsequent yearly policy renewal dates….FAQs.

Age (as of payment date) Yearly Premium for $70,000 sum assured
50 – 54 years $188
55 – 59 years $298
60 – 64 years $298 (for sum assured of $55,000)

Can I keep my friend as nominee?

Can siblings be nominee?

Siblings can be added as nominees too. The policyholder’s sister may be designated as a ” Nominee” Too. However, if nominated, she will not be a “Beneficial Nominee, rather she will act as a Trustee, keeping the benefits of the insurance in trust for the legal heirs.

Who administers the dependants protection scheme?

Previously administered by NTUC Income, the DPS is now solely administered by Great Eastern Life with effect from 1 April 2021. This also means Great Eastern Life has taken over all obligations of DPS covers issued under NTUC Income. 5. Dependants’ Protection Scheme: Premiums and Coverage

When does the DPS nomination with NTUC Income end?

DEPENDANTS’ PROTECTION SCHEME (DPS) NOMINATION Your Dependants’ Protection Scheme (DPS) nomination with NTUC Income will terminate on 1 April 2021. To update your choice of nominee(s) with Great Eastern, please complete the Nomination form attached in the following pages. What you will need: A hardcopy version of the Nomination form

What is the maximum amount I can claim under dependants protection scheme?

Dependants’ Protection Scheme: Premiums and Coverage You’ll pay premiums using CPF (deducted automatically every year) based on your age, for the maximum sum assured of S$70,000 up to 59 years old. Afterwards, the maximum sum assured is S$55,000 up to the end of the policy when you turn 65.

Do I need to make a new DPS nomination?

If your previous DPS nomination was done with NTUC Income, you will be required to make a new one. For existing DPS customers under Great Eastern Life, your prior nominations will remain effective. Nominate a dependant/s. This determines who the beneficiary to your DPS policy will be in the event of your death.

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