Great Eastern Dependants' Protection Scheme (DPS): Essential Coverage for Your Loved Ones

Have you ever wondered what would happen to your family if something unexpected were to happen to you? It's a tough question, but an important one to consider. That's where the Great Eastern Dependants' Protection Scheme (DPS) comes in. Let's dive into what this scheme is all about and how it can provide peace of mind for you and your loved ones .

The Dependants' Protection Scheme (DPS) is a term life insurance plan designed to provide a financial safety net for your family in case of unfortunate events. It's an affordable way to ensure your loved ones have some financial support if you were to pass away, suffer from a terminal illness, or become totally and permanently disabled.

To be eligible for DPS, you need to be:

• A Singapore Citizen or Permanent Resident

• Between 21 and 65 years old (or 16 to 20 if applying)

• In good health at the time of policy commencement

If you're already covered by DPS prior to April 1, 2021 (previously under NTUC Income), you don't need to submit a new health declaration. Great Eastern Life will continue to cover any medical conditions that developed after your DPS coverage began under NTUC Income.

The premium for DPS is based on your age. Here's a breakdown of the yearly premiums:

Paying for DPS is hassle-free. The premium is automatically deducted from your CPF savings every year. If you don't have enough funds in your CPF account, you have options:

1. Be insured for a lower amount (minimum S$5,000)

2. Pay the difference in cash or through other payment modes within 60 days of the policy renewal date

Remember, if no premium is paid after 60 days from the policy renewal date, your policy will lapse.

DPS provides coverage in the event of:

1. Death

2. Terminal Illness (expected to result in death within 12 months)

3. Total Permanent Disability (inability to work permanently or total loss of physical function of both eyes, both limbs, or one eye and one limb)

It's important to understand what's not covered by DPS. You can't claim benefits if:

Within the first policy year:

• You commit self-inflicted injury or suicide

• You commit a criminal offense punishable by death

• The claim arises from your intentional criminal act

At any time:

• You suffer from a serious illness, terminal illness, or total permanent disability before the policy starts

• You provide false or misleading information

• Your claim arises from wars, warlike operations, or participation in riots

If any of the first four exclusions apply, your policy will be cancelled, and all premiums will be refunded with interest to your CPF account.

While DPS provides a valuable safety net, it's important to consider whether the coverage amount is sufficient for your family's needs. For many Singaporeans, DPS should be viewed as a basic layer of protection, complemented by additional life insurance policies tailored to their specific circumstances.

The Great Eastern Dependants' Protection Scheme offers an affordable and accessible way for Singaporeans and Permanent Residents to provide some financial protection for their loved ones. While it may not be comprehensive enough to be your only life insurance, it's an excellent starting point for many individuals.

As you consider your overall financial planning and insurance needs, it's wise to look at DPS as part of a broader strategy. Every person's situation is unique, and what works for one family may not be sufficient for another.

Ready to ensure you have the right coverage for your needs? Don't rely on just one perspective. Get expert insights tailored to your unique situation. Sign up now to receive 5 expert opinions on life insurance and protection planning . These professionals will review your specific circumstances and provide personalized recommendations, helping you make the most informed decision possible.

By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for you and your loved ones. Don't leave your family's financial security to chance – get the expert advice you deserve today.