Dependent Protection Scheme 2024: What is DPS Scheme and Who is Eligible? Payment Date and Amount

Learn all about the Dependent Protection Scheme (DPS) 2024! This short-term life insurance plan is designed to support your family during unexpected times. We’ve highlighted the key details of the DPS Scheme, making it easy to understand how it can be a valuable safety net in unpredictable situations.

Find out what the DPS Scheme is all about, who is eligible, and important information about payment dates and amounts. This could be an essential resource for your family’s peace of mind!

Dependent Protection Scheme 2024

If you contribute to the CPF, you are entitled to the DPS. CPF is a mandatory savings plan that helps everyone in the country save extra money for retirement. Both employees and employers contribute to this fund, and you can access it when you retire.

CPF is the largest retirement fund in the nation. The money is divided into different accounts, like the Medicare account, Special account, or savings account. You can use these funds to buy a new home, cover medical expenses, or pay for other financial needs. Besides CPF, there are other ways to save for retirement, such as private pension schemes and investment options.

DPS provides financial support to your family if you pass away, get seriously ill, or become disabled. Having life insurance is essential to protect your spouse and children. The Great Eastern Life manages the DPS in Singapore.

Important Links
Canada Minimum Wage 2024
Centrelink Payment Dates July 2024
Disability Support Pension 2024
Singapore Cost of Living Special Payment Updates
WASPI Female Payout Date 2024

What is the DPS Scheme?

If you’ve already made your first CPF contribution, you don’t need to fill out the application. Normally, filling out a DPS application means you’d have to visit the nearest office. But if DPS isn’t involved, you can easily call the hotline listed on our website or visit one of the Great Eastern Centres.

The amount for DPS is automatically deducted from your CPF savings, so you don’t need to worry about setting aside extra money for it. If there isn’t enough in your CPF account or if you choose to pay the full premium at once, you’ll need to use cash.

Who is Eligible For DPS?

Applying is free, so take advantage of this opportunity to protect your family during tough times. Check if you qualify with these points:

  1. You must be a Singaporean or permanent resident.
  2. The scheme covers individuals aged 21 to 65 years.
  3. You need medical proof of terminal illness or permanent disability.

Here’s a quick distinction: Terminal illness is an incurable condition that can lead to death. Permanent disability means being unable to work long-term.

Dependent Protection Scheme Payment Date 2024

To receive your DPS payment, you can choose from several options: CPF, GIRO, Great Eastern Application, cash, or paper checks. You can claim your DPS amount anytime by filling out the opt-out form on our website.

Important Links
Pensions and Disability Benefits
Stimulus Payment Date
Centrelink Direct Cash Eligibility
SSS Pension Increase

Before opting out, it’s important to understand the benefits and eligibility carefully. If you decide to rejoin DPS later, you’ll need to provide medical reports showing you’re in good health.

Dependent Protection Scheme Amount 2024

If you’re aged 21 to 60, you’ll receive a lump sum of $70,000. For those between 60 and 65, it’s $55,000. Remember to withdraw your Dependent Protection Scheme Amount before you turn 65.

CPF members are automatically enrolled in the DPS scheme. If you want to join Great Eastern Life’s term insurance, follow our simple guide.

  • Visit our official website to download the Proposal Form. Fill it out carefully and send it to the address provided.
  • Your personal Financial Agent can assist you with the form.
  • Contact the Customer Service Centre in Singapore to request an application. Their officers will guide you through the entire process.

Thank you for reading. For more articles like this, visit our homepage by clicking the link below.

Leave a Comment