What's The Best Insurance For New Drivers – DPS is an auto-renewable term life insurance plan for all working Singaporeans or Permanent Residents between the ages of 21 and 65, based on CPF contributions. It provides insurance against death, terminal illness1 and total disability2.
DPS is a term life insurance plan administered by Great Eastern Life to cover death, terminal illness1 and total disability2 through your CPF. No money required3.
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An affordable annual premium of S$70,000 is guaranteed up to age 59 and S$55,000 for the next five years. Premiums start at S$18 per year.
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No money was spent. As payments are made from your CPF savings, no money is spent if you do not have enough CPF funds or you have chosen to pay in full in cash.
You will be automatically enrolled when you make a valid CPF employee contribution. The policy holder is required to submit a Health Information to assess the relevant coverage.
A renewal notice will be sent to you 30 days prior to the renewal date. You have a grace period of 60 days from the renewal date to make the payment. Payment can be made through the Great Eastern App, e-banking, AXS, cash or check through other methods such as CPF, GIRO or PayNow QR.
If a deduction from your CPF account fails, you will be notified of a failed deduction. If you wish to request another withdrawal from your CPF fund, please download the Change of Payment Method and Authorization form and email it to dps-sg@
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To change the payment method for your DPS policy, download the Change Payment Method and Authorization Form and email it to dps-sg@
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Make sure that personal information, such as choices, health declarations and claims, is updated to avoid potential delays in paying claims. This can be easily done using the Great Eastern Tool.
Voting under DPS is not mandatory. However, continuing with DPS coverage provides some financial protection for the policyholder’s family.
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Policyholders can contact Great Eastern Life at any time to terminate their DPS cover by completing an opt-out form.
Policyholders should carefully consider the benefits of DPS before taking out DPS cover. If the policyholder decides to join DPS in the future, cover will be provided in good health condition.
DPS is automatically extended by CPF worker contribution applicable to Singapore citizens or permanent residents aged 21 to 65.
CPF members aged 16 and above do not automatically have DPS cover extended, but those wishing to withdraw cover can apply for DPS directly with Great Eastern Life.
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If you have any questions, you can contact our customer service staff at +65 6839 4565 or email dps-sg@
If you are at least 18 years of age and wish to pay death claim benefits to a specific person, i.e. the beneficiary(ies), you can make a choice by completing the DPS nomination form and returning the completed form to us . You can also cancel the nomination by making a new nomination and it will be effective from the date of submission of the current nomination. To receive a DPS nomination form, you must:
A DPS claim can be made when the insured dies or has been certified by a registered medical practitioner under the Medical Registration Act as suffering from terminal illness or total disability.
A) Terminal illness means an illness that can cause the death of a member within 12 months
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B) Total disability means (i) permanent inability to participate in any activity or (ii) total loss of physical activity of one of the following:
A claim under clauses (a) or (b)(ii) can only be made if the terminal illness or total loss of physical activity began on or after 1 May 2016.
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Terminal illness means an illness expected to cause death within 12 months by a registered medical practitioner under the Medical Registration Act.
No payment is required if you have enough money in your CPF account to pay the minimum sum assured or if you have chosen to pay the full amount.
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The above is for general information only. This is not an insurance contract. The exact terms and conditions of this insurance scheme are set out in the terms and conditions of the Trust Protection Scheme.
As this product is not a savings or investment in nature, there is no cash value if the policy expires or the policy is terminated early.
You may want to seek advice from a financial advisor before committing to purchase this product. If you choose not to seek advice from a financial advisor, you should consider whether this product is right for you.
This policy is covered under the Consumer Protection Scheme administered by the Singapore Deposit Insurance Corporation (SDIC). Your order will be automatically secured and requires no further action from you. For the types of benefits available under the scheme and coverage limits, if applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www .sdic.org.sg).By clicking the “Accept All Cookies” button, you agree to the storage of cookies on your device to improve site navigation, analyze site usage, and assist with our marketing efforts.
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When adding life insurance to your financial plan, it’s important to determine whether the potential for years of payments is worth it. Whether or not life insurance is a smart investment for you may depend on what you want the policy to do for you.
If you want the peace of mind that your loved ones will be financially protected if you die and lose your income, life insurance is worth it – even if you live far away from the policy. But if you’re wondering whether a term policy is a good way to get tax-free investment benefits while you’re alive, the answer is that most people would be better off taking a term policy and investing he died elsewhere. types of tax-free investment.
When deciding whether life insurance is a good investment, it is important to first understand what policies you can buy. There are many options for life insurance plans with many life insurance companies, but they generally fall into two categories: permanent and term.
Term life insurance is designed to cover you for a fixed term, hence the name. For example, you can buy a 20 or 30 year term life policy. These policies work similarly to other insurance policies you may carry, such as car insurance; you pay taxes every month, and if something bad happens—in this case, your untimely death—interest is paid.
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Permanent life insurance, on the other hand, covers you for life as long as the premiums are paid. Some types of whole life insurance may also have an investment component that allows the insured to accumulate funds. When you hear financial advisors and often life insurance agents refer to life insurance as an investment, they are referring to the cost of life insurance and ways to invest and borrow the money.
There are many arguments in favor of using permanent life insurance as an investment. However, many of these benefits are not specific to whole life insurance. You can get them in other ways without paying the high administrative fees and commissions that usually come with permanent life insurance. Here are some of the most common benefits of whole life insurance.
A permanent life insurance policy with an investment component allows you to grow wealth on a tax-deferred basis. This means that you will not pay taxes on the interest, dividends or capital gains on the cash component of your life insurance policy until you receive the proceeds.
These are the types of tax benefits that come with certain retirement accounts, including IRAs, 401(k)s, and 403(b)s. If you are increasing your contributions to these accounts each year, it may make sense to invest in permanent life insurance for tax purposes.
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Another known advantage of permanent life insurance is that you do not lose your coverage after a certain number of years. A term policy expires at maturity, which for most policyholders is 60 years, while a permanent policy can cover you for life. If you think that people (for example, a disabled child) will depend on money
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