DPS was established in May 1989 and was run by the CPF Board until September 2005, when it was privatized.
It is a term-life insurance policy that pays out money to insured people and/or their families to help them get through the first few years if they die prematurely, get a terminal illness, or become totally disabled.
When an individual has not yet collected enough CPF or other funds to bequeath to any dependant(s) who rely on said individual’s income, the impact of such an event is significantly larger. This is why, upon a valid CPF working contribution between the ages of 21 and 65, DPS coverage is automatically extended to all working Singapore Citizens or Permanent Residents.
Members should think about whether or not they have dependants who rely on their existing salary. Members who may not require DPS include, for example:
- Those whose dependents have grown up and become financially self-sufficient, such as children who have reached adulthood and begun working.
- Those who have amassed sufficient CPF or private savings, since such savings could be immediately bequeathed to their dependants in the event of an unexpected death, to tide them over the first few years of costs.
- Those who have their own private term or life insurance, which offers sufficient insurance protection and payout to tide dependants through the first few years of expenses in the case of an untimely death.
With age, insurance rates, including DPS, grow more expensive. If members choose to opt out of DPS, they may do so at any time by completing the opt out form and telling Great Eastern Life to discontinue their DPS coverage. By opting out of DPS, members who do not require DPS would be able to keep more of their CPF funds for their retirement income.
It is not necessary to be covered by the DPS. Continuing with the DPS cover, on the other hand, will give some financial security for the policyholder’s family.
By completing the opt out form, policyholders can contact Great Eastern Life at any time to cancel their DPS coverage.
Before canceling their DPS coverage, members should carefully assess the benefits of DPS. If a member decides to rejoin DPS in the future, he or she will be required to file a new health declaration, and coverage will be offered based on his or her current health.
DPS can cover all Singaporeans and Permanent Residents between the ages of 16 and 60. Those under the age of 65 will be eligible beginning April 1, 2021.
- For members under the age of 60, the maximum sum assured has been increased from S$46,000 to S$70,000.
- The maximum age of coverage has been raised to include those aged 60 and up to 65, with a maximum sum assured of S$55,000 per person.
6. I’ve been covered by DPS for a long time. Is a health declaration still required given that Great Eastern Life is the sole DPS insurer effective of April 1, 2021?
Members who are currently covered by DPS do not need to fill out a new Health Declaration form for illnesses that occurred during or after the start of their coverage. Great Eastern Life will assume full responsibility for all DPS covers issued under NTUC Income and will continue to cover any medical issues that arose during or after the members’ DPS covers under NTUC Income began.
7.ÂÂ I am currently covered via DPS and have ailments that I did not mention prior to the start of my DPS coverage. What am I supposed to do now?
Your DPS coverage is only valid if you were in excellent health when your insurance started. Great Eastern Life will not consider claims from members who have lied about their health in their health declaration.
If you have a serious pre-existing condition that existed before the start date of your DPS coverage and you have not previously revealed the illness to your insurer, you must complete the Health Declaration. You do not need to file a health declaration if your DPS insurance started before September 17, 2005, that is, before the DPS was privatized.
The term “pre-existing illness” refers to any health conditions that occurred prior to the start of your DPS coverage. To be clear, the start date does not refer to the day your policy is transferred to Great Eastern Life. For example, if your policy with NTUC Income started on February 15, 2010, this is your policy start date. For the move to Great Eastern Life, your DPS policy start date will be carried over.
8. I’d want to apply for Dependants Protection Scheme (DPS) insurance. Is it necessary for me to declare my health in order to be covered by DPS?
Yes, you must be in excellent health when your DPS policy begins in order to be eligible for coverage. If a member has major pre-existing conditions, DPS coverage may be rejected or deferred, just like any other life insurance. This underwriting method is required to ensure the scheme’s viability and that premiums remain reasonable to all insured members.
The DPS insurer will not entertain claims from members who have major pre-existing conditions, have made false or misleading assertions in the health declaration, or have concealed key information.
9. How much would it cost me to be covered under the new DPS beginning April 1, 2021, as opposed to the current premium structure?
The amount of premium you must pay for a DPS policy is determined by your age as of your most recent birthday.
*After April 1, 2021, the new premium rates will only apply to the member’s next policy renewal.
I was covered by DPS with Great Eastern Life prior to April 1, 2021. Is it necessary for me to apply for the higher amount assured?
You are not necessary to take any action because the increase in sum assured will be applied to you automatically beginning April 1, 2021. However, after April 1, 2021, the revised premium rates for DPS coverage will only be reflected in your next policy renewal.
11.I was covered by DPS with NTUC Income prior to April 1, 2021. Is it necessary for me to cancel the policy and reapply to Great Eastern Life?
At this moment, you are not obligated to take any action.
 From April 1, 2021, your DPS coverage will be automatically transferred to Great Eastern Life. The upgraded DPS scheme’s greater sum promised will take effect on April 1, 2021. However, after April 1, 2021, the revised premium rates for DPS coverage will only be reflected in your next policy renewal.
You can verify the status of your DPS coverage by logging in with your SingPass to the CPF website and viewing your coverage status under âMy Messages,â or by looking at your CPF Yearly Statement of Account.
13. I am above the age of 60, and my DPS coverage expired before April 1, 2021. Is DPS going to be automatically extended to me starting April 1, 2021?
No, your DPS coverage will not be automatically renewed. You can now apply for DPS coverage directly with Great Eastern Life, as the maximum age for DPS coverage has been raised to 65 years. Your application will be evaluated based on your health at the time of submission.
14. In 2003 and/or 2005, I received a bonus sum guaranteed. Will it be included in the new DPS policy?
The CPF Board awarded surpluses to DPS members who were covered before the DPS was privatized in 2005 in the form of bonus sum assured. Members can check if they qualify for the bonus sum assured by contacting the DPS insurer providing their DPS coverage prior to 1 April 2021, Great Eastern Life or NTUC Income.
Existing members who are eligible for the bonus sum assured will receive a one-time premium rebate in lieu of the bonus sum assured to standardize the sum assured for all covered members under the new contract to the new level of S$70,000. In May 2021, the one-time rebate will be credited to members’ CPF Ordinary Accounts.
With a valid CPF working contribution, DPS is automatically provided to Singaporeans or Permanent Residents between the ages of 21 and 65.
CPF members aged 16 and up who have not been automatically extended DPS coverage but want to be covered can apply for DPS directly through Great Eastern Life.
c. Visit us at 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659 for assistance.
You will receive a renewal notice 30 days prior to your renewal date.
You have a 60-day grace period to make payment after the renewal date.
On the renewal date, a debit will be made automatically from your CPF funds.
Within 60 days of the policy renewal date, you can make payments using different payment methods such as e-banking, AXS, cash, or check.
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18. What happens if the deduction from my CPF / GIRO account does not go through?
If the deduction from your CPF / GIRO account is unsuccessful, you will receive a failed deduction message.
Please send a crossed cheque made out to âThe Great Eastern Life Assurance Co. Ltd.â with your policy number, name, and contact information written on the back.
- When making a payment, please choose the âGreat Eastern Life â Life, Accident, and Health Policies (10 digits)â tab.
For OCBC, DBS/POSB, UOB, or Standard Chartered Bank account holders, please select âGreat Eastern Life (10 digits)â as the Bill Payee Organization.
- Choose your DPS insurance, input the payment amount, and choose PayNow as your preferred payment method.
- You will be given a unique PayNow QR code, which you may scan or submit using any PayNow partner banking app.
The coverage will lapse if no premium is received from you within 60 days of the renewal date. Policy reinstatement is contingent on good health underwriting.
19. What should I do if only a portion of my DPS premium is withdrawn from my CPF account?
A partial deduction notification will be sent to you if a portion of your CPF premium is deducted.
The policy sum promised will be lowered proportionately if the premium is only partially paid (the minimum sum assured is $5,000).
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- Please make the needed balance payment within 60 days of the renewal date. Please see the various payment methods here.
You do not need to take any action if you want to keep your insurance at the reduced sum assured.
XXXXXXXXXXXXXXXXXXXXXXXXXX I am over the age of 55 and have money in my CPF account. What went wrong with the deduction?
Funds in your CPF Ordinary Account may have been transferred to your Retirement Account for your retirement needs when you became 55 years old.
As a result, deductions from your CPF savings may be unsuccessful due to a lack of cash.
If you pay your DPS premiums from your CPF account, you will receive a notification 30 days before you turn 55 years old informing you that your premium deduction for your DPS policy may be affected.
You can then apply for payment by GIRO to make things easier.
You can also pay using one of the different payment methods provided here.
21. What happens when I reach the age of 65?
When you reach the maximum coverage age of 65 as of your policy renewal date, your DPS policy will be cancelled.
A notice will be sent to you informing you of the policy termination due to reaching the maximum age limit.
Please note that beginning April 1, 2021, the age coverage will be increased to cover members up to the age of 65, rather than 60. The DPS cover will be automatically renewed if the insured member has achieved 60 years of age and the policy has not expired before April 1, 2021.
22.If I am already a DPS member, do I need to make a new nomination for the new DPS policy?
The CPF Board has designated Great Eastern Life as the exclusive DPS insurer as of April 1, 2021.
Existing policyholders who are covered with Great Eastern Life and have already made a nomination will not be required to do so again.
Any DPS nominations made with NTUC Income are no longer valid for policyholders who were previously covered via NTUC Income, as your DPS insurance under NTUC Income expired on 31 March 2021. As a result, you must submit a new nomination under Great Eastern Life.
Please be aware that DPS claim payouts are not included in CPF profits and will not be disbursed in accordance with your CPF Nomination.
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You can make a revocable nomination by completing the DPS nomination form and submitting it to us if you are at least 18 years old and wish to have the death claim payments paid to a specified person/organization, i.e. beneficiary(s). You can also cancel the nomination by submitting a new one, which will take effect as soon as a valid form is received. Â You can get the DPS Nomination form by going to:
3. Call our customer service representatives at +65 6839 4565 to request that the form be mailed to you.
If you have made a DPS nomination or have a will that has been made known to us, your beneficiary(s) will receive the benefits according to the nomination or will (whichever takes effect later). Benefits will be awarded to the proper claimant if no nomination or will is submitted (s). The executor of the deceased’s estate or a family member, such as a spouse, parent, child, or sibling, can make a legitimate claim.
25. Is it possible for me to change my revocable nomination?
You have the option to revoke your existing nomination and make a new one at any time.
Please complete Form 5 Revocation of Revocable Nomination if you wish to rescind your existing nomination and not propose any new nominees.
26. What kind of nominations am I allowed to make? Is it possible to put my DPS into a trust?
You can make a revocable nomination for DPS, however trust nominations are not permitted.
When a policyholder makes a trust nomination, he or she relinquishes all rights to the policy, which implies that all living benefits, such as Terminal Illness and Total Permanent Disability payouts, will go to the nominees. In addition, the policyholder can only revoke the trust nomination if all of the nominees agree.
If CPF funds are used to pay for the policies, however, you must keep complete control of your retirement assets throughout your life. As a result, trust nomination is not permitted for DPS because the proceeds of the insurance will no longer be within your control during your lifetime.
Before canceling their DPS coverage, members should carefully assess the benefits of DPS. DPS is a term-life insurance plan that pays out money to insured people and/or their families to help them get through the first few years if they die prematurely, get a terminal illness, or become totally disabled. If any member(s) decides to rejoin DPS in the future, he or she will be required to file a new health declaration, and coverage will be offered based on his or her current health.
28. If I already opted out of DPS, how can I apply for it again?
You would have received an opt-out letter from us if you had opted out. If you want to rejoin the plan, you can:
If the premium is not paid within 60 days of the renewal date, the policy will lapse.
After the insurance has lapsed, it can be reinstated within 120 days of the renewal date.
When a policyholder dies or is diagnosed with a terminal illness or total permanent disability, a DPS claim can be filed.
a) A terminal illness is one that is likely to cause the member’s death within the next 12 months.
b) Total permanent disability refers to I the incapacity to work in any capacity for the rest of one’s life, or (ii) the total permanent loss of any of the following physical functions:
Only if the terminal disease or total permanent loss of physical function began on or after May 1, 2016, can a claim be brought under (a) or (b)(ii).
a. a. a. a. a. a. a. a. My DPS-covered family member died or was determined to be suffering from a terminal illness or severe permanent impairment before April 1, 2021. Am I eligible for the new S$70,000 benefits?
For Claim occurrences that occurred before to April 1, 2021, the insurance payouts will be based on the DPS benefits that were in effect prior to April 1, 2021, with a sum assured of S$46,000 and a bonus amount assured of S$46,000, respectively (if applicable).
a third Before April 1, 2021, my DPS was covered by NTUC Income. Which insurer should I approach on / after 1 April 2021 if I want to file a claim with an event date (death, terminal illness, or total permanent disability) before 1 April 2021?
Claimants can file claims directly to NTUC Income for events that occurred before April 1, 2021, and NTUC Income will handle the claim settlement directly with the Claimant.
a. a. a. a. a. a. a. a. Before April 1, 2021, my DPS was covered by NTUC Income. Which insurer should I approach on / after 1 April 2021 if I want to make a claim with an event date (death, terminal illness, or total permanent disability) after 1 April 2021 or if I am unsure of the event date for terminal illness or complete permanent disability?
Claimants can submit their claims directly to Great Eastern Life, who will process them for events occurring after April 1, 2021.
If the incident occurs before April 1, 2021, Great Eastern Life will help in the submission of claim documentation to NTUC Income for processing. Following that, NTUC Income will contact the Claimant personally to discuss the completion of the claim form and the settlement of the claim.
35. Who do I contact if I need assistance or clarification with the Great Eastern app?
How do I reinstate my Great Eastern insurance policy?
The insurance will lapse 30 days after the premium due date if the premium is not paid and the policy has not accrued any cash value.
- After a 30-day grace period, if the policy has accrued cash value, an Automatic Premium Loan (APL) will be established. The policy’s terms and conditions allow for this. For as long as there remains cash value in the premiums, APL will continue to pay them. The policy will lapse when the outstanding debts (i.e. APL plus APL interest) reaches the cash value.
- Taking policy loans against the policy and not repaying the loan can cause the policy to lapse, even if the premiums are paid on time. The insurance will lapse if the outstanding debt (i.e. policy loan and loan interest) exceeds the cash value.
The policy’s terms and conditions allow for reinstatement. It permits the policyholder to keep the insurance after it has expired, subject to specified conditions.
- Regular premium insurance must be reinstated within three years of the expiration date.
- Single premium insurance must be reinstated within six months of the expiration date.
A Reinstatement Form must be completed. Reinstatement of a policy is contingent on satisfactory health underwriting and payment of all premiums and interest due from the date of lapse to the date of reinstatement.
- Your insurance has been lapsed for more than six months, and/or your assurance application was accepted on terms that were not standard. Please include the Declaration of Health form with your submission.
- If your policy is a Paysecure/PayAssure policy or has a Paysecure/PayAssure rider, it is a Paysecure/PayAssure policy. Please attach the Paysecure/PayAssure Supplementary Form.
- If your policy is a Lifesecure policy or has a Lifesecure rider, it is a Lifesecure policy. Please attach the Lifesecure Supplementary Form.
What is terminal bonus upon surrender?
What is the difference between a terminal bonus and a dividend? This is a non-guaranteed incentive that may be paid if your policy is canceled for any reason, including death, maturity, or surrender. The terminal bonus is usually intended to ensure that policyholders receive a fair share of the earnings made by the participating life fund.
Does DPS cover critical illness?
If you have any major pre-existing conditions, DPS coverage may be rejected or deferred, just like any other life insurance. This is to ensure that the program remains viable and that rates for all insured members remain affordable.
Is Great Eastern customer service open?
Customers and coworkers are still very important to us. Our customer care centers are still open for business as usual (9am-5.30pm Mondays to Fridays, excluding public holidays).
Is Great Eastern listed in Malaysia?
As a branch office of The Great Eastern Life Assurance Company Limited, Great Eastern Life commenced operations in 1908. Under the Scheme of Transfer of Business, the Malaysian operations were transferred to GELM, a locally constituted public corporation. In 1998, The Malaysia Book of Records acknowledged the company as Malaysia’s “Oldest and Largest Life Insurer.”
As of December 31, 2020, GELM has RM91.1 billion in assets, over 3.0 million policies in force, and a network of 19,000 agents countrywide, thanks to more than a century of experience and a strong financial base. GELM currently has 21 locations across the country, offering products such as life insurance, investment-linked plans, mortgage protection, company protection, employee benefits, medical insurance, and group health benefit programs. GELM is a wholly-owned subsidiary of Great Eastern Holdings Limited (GEH), with Oversea-Chinese Banking Corporation (OCBC) Limited as its ultimate holding company.
We continue to set new standards as an innovative industry leader as Malaysia’s oldest and most established life insurer. Throughout their lives, we have offered generations of Malaysians with innovative financial solutions to protect them against the unexpected. Our growing range of health protection solutions complements this, allowing our customers to better manage the financial consequences of rising medical costs.
We’ve received numerous major awards over the years, demonstrating our industry leadership. For the 18th year in a row, GELM became the only life insurance business to get the renowned Reader’s Digest Trusted Brand Gold Award in the Life Insurance category in 2021. For the fourth year in a row, GELM was awarded Gold in the category of Health Insurance. In addition, the company won The BrandLaureate Brand of the Year Award for the Insurance Category in 2020, as well as being named Top Brand in the Putra Brand Awards’ Banking, Investment, and Insurance category for two years in a row.
How do I pay online Great Eastern?
You can use funds from your Current or Savings accounts to pay your premium or other policy-related payments with JomPAY. JomPAY does not require registration and, more crucially, it is available online or through your bank’s ATM.
In the Ref-1 field, type your 10-digit policy number (for Great Eastern Life Policy)
In the Ref-1 field, enter your 8-digit policy number (for Great Eastern ex-OAC & BANCA Policy)
Examples of Ref-2 can be found under the Types of policy payments you can make using JomPAY section below.
You can now use JomPAY to pay for other policy-related payments as of February 1, 2022. Please refer to the advice and examples below to ensure that your payment is entered into your policy as soon as possible.
- After you have made your payment, please submit the Application Form / copy of the company’s letter seeking payment (if applicable) through e-âMy Connect’s Mailboxâ or by email to us.
- Within 3 days after receiving your cash remittance, an electronic payment receipt will be available in the eConnect site.
What is surrender value of policy?
It is the amount that the policyholder will receive from the life insurance company if he decides to cancel the policy before it matures. After the policyholder has paid premiums for three years in a row, a regular premium policy gains surrender value.
What is CareShield?
CareShield Life is a long-term care insurance plan that provides minimal financial assistance to Singaporeans who become severely incapacitated, especially in old age, and require long-term personal and medical care (i.e. long-term care).