CPF picks Great Eastern for enhanced DPS

Members up to age 60 will be covered for a $70,000 sum.

The Central Provident Fund Board (CPF) has chosen Great Eastern as the insurer for Dependants’ Protection Scheme (DPS) for members over the next five years, a statement read.

In the newly enhanced scheme starting April 2021, DPS members up to age 60 will be covered for a sum assured of $70,000, whilst those above age 60 to 65 years old will be covered for a sum assured of $55,000.

No action is required for members with an active DPS cover as at 1 April 2021 as their coverage will be renewed automatically on an annual basis before their 65th birthday. Members will be notified of the changes to their premiums either through SMS, email or 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 through applying directly with Great Eastern when the new contract comes into effect.