Great Eastern Life

CPF Increases Dependants’ Protection Scheme coverage and Appoints Great Eastern Life for five years

Great Eastern Life

The Central Provident Fund will increase the sum assured for the Dependants’ Protection Scheme (DPS) term life insurance to S$70,000 from 1 April 2021. Premiums for CPF members up to 65 years old will also be lower than current rates. The current sum assured is S$46,000 and is capped till age 60.

DPS provides the insured and their families a sum of money to get through their first few years should the insured members die, or suffer from terminal illness or total permanent disability. At end of 2019, there were some 1.9 million CPF members with an existing DPS cover that has been provided by NTUC Income and Great Eastern Life.

The higher sum assured of S$70,000 is approximately three years of salary for a lower-income individual. Premiums will be more attractive at an average reduction of about 47% for the premium per thousand-dollar sum assured than the current plan.

The coverage for members above 60 and up to age 65 will be at a lower sum assured of S$55,000 as members in this age group are likely to have accumulated sufficient CPF savings or other savings that can be bequeathed to their dependants. They are also more likely to have fewer dependants who are reliant on their income.

Age (Last Birthday)​Yearly Premium for S$46,000 sum assured
(before 1 April 2021)
​Yearly Premium for S$70,000 sum assured
(From 1 April 2021)
​34 years and below​S$36S​$18
​35 – 39 years​S$48​S$30
​40 – 44 yearsS​$84S​$50
​45 – 49 yearsS$144​S$93​
​50 – 54 years​S$228S​$188
​55 – 59 yearsS$260S​$298
​60 – 64 yearsNot applicable​S​$298 (for sum assured of S$55,000)
Comparison of DPS Premium Rates
CurrentFrom 1 April 2021
Sum AssuredS$46,000 (for members aged 21 and above to 60)S$70,000 (for members aged 21 and above to 60)
S$55,000 (for members aged 60 and above to 65)
Automatic extension of DPS cover​CPF members aged 21 to below 60 years, when they receive CPF contribution​CPF members aged 21 to below 65 years, when they receive CPF contribution
Automatic annual renewal​Members with an active DPS cover, before their 60th birthday​Members with an active DPS cover on or after 1 April 2021, before their 65th birthday
Can apply to join DPSMembers aged 16 and above but below 60Members aged 16 and above but below 65​
Insurer(s)​Great Eastern Life & NTUC IncomeGreat Eastern Life
Comparison of DPS Features

Great Eastern Life Appointed Sole Administrator of DPS Coverage

Through a competitive tender process, Great Eastern Life has been awarded a five-year contract to administer the DPS starting from 1 April 2021. They have offered the most attractive premiums for members.

Existing CPF members with an active DPS cover won’t be required to take any action as at 1 April 2021 as their DPS cover will continue to be renewed automatically on an annual basis before they reach 65.

Those with DPS cover under NTUC Income will be moved to Great Eastern Life when it takes over the sole administration of DPS.

Members will be notified of changes to their premiums through SMS, email or hardcopy letter from February 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.

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