Great Eastern has been appointed by the Central Provident Fund Board (CPF) as the insurer for the Dependants' Protection Scheme (DPS) for members for the next five years
In the newly enhanced scheme commencing April 2021, DPS members up to age 60 will be covered for a sum assured of $70,000, while those above age 60 and up to age 65 will be covered for a sum assured of $55,000, at attractive premiums. Summary of the benefits of the current and new DPS available here.
DPS is a term life insurance scheme that provides protection coverage for insured members’ families should the insured pass away, suffer from terminal illness or total permanent disability. Approximately 1.9 million CPF members have existing DPS cover as at end-2019.
Khor Hock Seng, Group Chief Executive Officer, Great Eastern, said: “We are delighted to be given the opportunity to serve CPF members under the newly enhanced Dependants’ Protection Scheme. We believe insurance should be made affordable and easily accessible to all, and strive to Lifeproof our customers’ protection needs at their different life stages with our solutions. DPS members will have access to our full suite of services, insurance solutions and mobile applications. We look forward to engaging both new and existing members with quality service and providing them with a positive customer experience.”
No action is required for members with an active DPS cover as at 1 April 2021. Their DPS coverage will continue to be renewed automatically on an annual basis before their 65th birthday. Members will be notified of the changes to their premiums either through SMS, email or hardcopy letter from Feb 2021.
Members aged 60 and above but below 65 years, whose DPS covers have ceased or will cease before 1 April 2021, can rejoin DPS by applying directly with Great Eastern when the new contract comes into effect.
Recommended for you:
Great Eastern: Connecting with Customers in the Digital Universe
Great Eastern Cares: Supporting Meaningful Social and Charitable Causes
Debunking the myth that the rich don't need life insurance
Connect with Asia Advisers Network on: Facebook / Instagram / LinkedIn / YouTube