Starting this month, the newly-enhanced Dependants' Protection Scheme (DPS) under the Central Provident Fund Board (CPF Board), provided by Great Eastern for the next five years, will offer close to 2m DPS members increased insurance coverage.
DPS is a term life insurance scheme that provides insured members with coverage in the event of death, terminal illness or total permanent disability.
The maximum age of coverage has also been increased to protect customers till age 65, up from the previous age of 60 years. Those below age 60, will now enjoy a higher sum assured of S$70,000 ($52,448), which is 1.5 times more from the previous S$46,000 coverage. For DPS members aged 60 to 65, they will be covered for a sum assured of S$55,000.
Great Eastern group CEO Khor Hock Seng said the enhanced DPS scheme will help address the protection needs of Singaporeans, and that the insurer aims to raise the level of financial awareness among the working population.
DPS members will have access to insurance solutions and benefits through Great Eastern’s GoGreat Programme. Through this, the insurer aims to raise members’ awareness on the importance of being protected through three pillars:
- Solutions – To protect themselves against life’s uncertainties through insurance to close their protection gaps.
- Privileges – To get themselves protected and be able to celebrate life with exciting rewards.
- Tools – To help them identify gaps, make informed decisions and take charge of their protection journey.
As more features of the GoGreat Programme are progressively rolled out, DPS members will also get access to a full suite of financial tools such as a financial storyboard to map their life planning needs at every life stage, privileges such as annual birthday rewards, and access to health and wellness programmes with incentives to stay fit and healthy.
DPS members can also access their policy information through the Great Eastern App available on both the Apple AppStore for iOS users and Google Play Store for Android users.
More on Singapore:
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Singapore: Nearly 1 in 2 high net worth women don't feel financially secure - Prudential study
Singapore: Residents Need to Move Beyond the Basics to Secure their Financial Fitness
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