The Dependent Protection Scheme (DPS) in 2024 offers crucial financial support for families in Singapore. It is especially helpful in unexpected situations like illness or disability.
This scheme is a part of the CPF, a mandatory social security saving plan in Singapore. Both employers and employees contribute to it, providing a safety net for retirement.
Summary of Dependent Protection Scheme
| Aspect | Details |
|---|---|
| Scheme | Dependent Protection Scheme 2024 |
| Eligibility | Singaporeans or permanent residents, aged 21 to 65 |
| Coverage | In cases of demise, extreme illness, or disability |
| Management | Managed by Greater Eastern Life in Singapore |
| Payment Modes | CPF, GIRO, cash, or checks |
| Payment Dates | Anytime upon filling the opt-out form |
| Scheme Amount | $70,000 (21-60 years), $55,000 (60-65 years) |
| Application Process | No cost, available on the official website |
Understanding the Dependent Protection Scheme
The Dependent Protection Scheme provides financial assistance to families during hard times. It covers Singaporeans and permanent residents between 21 and 65 years old.
In the event of extreme illness, disability, or death, DPS steps in. It’s managed by Greater Eastern Life, ensuring families are not left vulnerable.
Eligibility for DPS
To be eligible, one must be a Singaporean or permanent resident. The age range covered is 21 to 65 years.
Medical certification is needed for terminal illness or permanent disability. It’s important to understand the difference between these conditions for proper coverage.
Dependent Protection Scheme Payment Details
Payments under DPS are versatile, including options like CPF, GIRO, and checks. Beneficiaries can claim the amount anytime by completing a form.
Choosing to opt-out requires careful consideration of benefits and eligibility. Rejoining is possible but subject to health conditions.
Scheme Amounts and Withdrawal
A lump sum payment is made under the scheme. $70,000 is paid to members aged 21 to 60, and $55,000 for those 60 to 65.
Remember to withdraw the amount before turning 65. This is a critical step in benefitting from the scheme.
Joining the Dependent Protection Scheme
Joining is straightforward. If you’re not automatically enrolled, download the form from the website.
Complete the form and submit it to the mentioned address. Assistance is available through financial agents or customer service centers.
Frequently Asked Questions
What is the Dependent Protection Scheme 2024?
It’s a financial support system for families in Singapore, covering illness, disability, or demise.
Who can apply for DPS?
Singaporeans or permanent residents between the ages of 21 and 65 are eligible.
How can one receive DPS payments?
Payments can be received through CPF, GIRO, cash, or checks.
What is the amount paid under DPS?
The amount is $70,000 for members aged 21 to 60, and $55,000 for those aged 60 to 65.
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