MPs offer ideas to improve CPF

(19-06-2014, 06:02 PM)specuvestor Wrote: DPS is not the same as HPS which is for HDB payment insurance

DPs is like a death policy. I am not sure why CPF system was not able to pick up the fact that chongsk children started contributing to CPF.

I have never use DPS before. I understand it is compulsory as long as you have mortgage on your HDB. Right? Or not compulsory?

Sorry what's HPS? i have not come across.
My point is why my son need to DPS when my HDB is fully paid?

(19-06-2014, 09:17 PM)specuvestor Wrote:

(19-06-2014, 07:59 PM)HitandRun Wrote:

(19-06-2014, 05:34 PM)chongsk Wrote: I insured my children under CPF's Dependant Protection Scheme (DPS) since they were young like many parents did.

Can die lah.... Don't even know what it is and can complain like hell!

Pls read carefully what chongsk is saying and what temperament is saying

DPS Scheme

Since when a CPF member can buy DPS for a dependent?

To clear all misunderstandings, my son doesn't need to buy DPS because we don't need him to buy. But it was automatically dumped on him. So i told CPF Board off lol!
i don't know about HPS because in our time we were fortunately enough we could paid fully for our HDB flat using CPF lol!

Quote: My point is why my son need to DPS when my HDB is fully paid?

For the benefit of the wider group.

HPS (Home Protection Scheme). This is a mortgage insurance. It pays off the mortgage if one up lorry during the tenure of the loan.
If one takes a loan from HDB, this is compulsory, and you have to buy HPS from HDB. The premium is paid out of CPF.
If one takes a bank loan to buy a HDB, this is also compulsory, but you don't have to buy HPS from HDB. You can get an equivalent mortgage insurance from a private insurer, but you will have to pay the premium in cash.
If one buys a private property, having mortgage insurance is optional. You die your (or your descendant's) problem.

DPS (Dependent's Protection Scheme). This is a low cost term insurance that everyone will get signed up for when they start to contribute into CPF (i.e. be a wage earner). You have the choice of opting out if you think you don't need or prefer to buy from external vendors (i.e. private insurers). The premium is not that cheap per $ coverage afforded, all things considered but at least it can be paid out of CPF which you can't do for other term insurance. It is very useful for those who won't buy any insurance out of their own cash, but whose families are most vulnerable if things happen to them. You risk pool from the wider population and payout to support these outlier cases where help is needed.

If you "cannon" the CPF officer over "why my son need DPS when my HDB is fully paid", I can only feel sorry for the CPF officer. It must have been a seriously bad day for him/her. I only know what is DPS and HPS - hope the explanation helps.

(19-06-2014, 09:33 PM)Temperament Wrote: I have never use DPS before. I understand it is compulsory as long as you have mortgage on your HDB. Right? Or not compulsory?

Sorry what's HPS? i have not come across.
My point is why my son need to DPS when my HDB is fully paid?

T,
1. DPS is term-insurance for personal life. It's not linked with HDB mortgage. Check out another scheme called HPS which is linked with HDB mortgage as pointed out by VB "thefarside".

2. DPS is opt-out aka it's not compulsory. Anyone can opt-out anytime.
click here for opt-out form

3. No linkage of HDB to your son DPS, so I'm a bit confuse why he need DPS too. Anyway, I brought DPS because it just a cheap term insurance.

Hope its clearer now.

Love Compassion

DPs is like a death policy. I am not sure why CPF system was not able to pick up the fact that chongsk children started contributing to CPF.
[/quote]


You get it right. I think this could be a systematic software defects. Payee doesn't change automatically by it's system when our dependants started working.

The purpose of me raising this matter is for the benefits of those parents especially retirees many of whom may not be aware of the fact that they may still be paying their working children's insurance premiums. We all have great faith with CPF and never check our CPF statement of account .

For my case, I have spoken in person & written to CPF officers for many times since 2011 and haven't quite sorted out yet. Talking to government officers let me fully understand what bureaucrat is all about.

Chong,
It's very confusing.
1. Did you pay for DPS of your children?
2. When did you start paying their DPS? I mean how old were they when you start paying their DPS?

Very tricky!

:heart： Love Compassion


Earth day - save the world everyday.

(20-06-2014, 03:51 AM)chialc88 Wrote: Chong,
It's very confusing.
1. Did you pay for DPS of your children?
2. When did you start paying their DPS? I mean how old were they when you start paying their DPS?

Very tricky!

:heart： Love Compassion


Earth day - save the world everyday.

I insured my children during the first introduction of DPS by CPF that must be more than 15~20 years ago when they were still schooling in primary or secondary. Further more their Medishield Insurances are also paid from my Medisave account.

I find it very difficult to get CPF to change payee for the privatized insurance premium. As you may know all the insurance schemes under CPF umbrella have now been privatized. I have the feeling that CPF's attitude is changing of payee is not within their scope of responsibility.

Most times, when civil servants cannot do things for you, it means there isn't such procedure in place to handle your request. In this case, since DPS is now by NTUC or GE, perhaps they should be the one you should approach?

I visited CPF web site and notice that DPS covers people from 16-60 years old. Were your children at least 16 at the time you enrolled? Or perhaps the 16 years old is a recent implementation? Is it not easier for you to terminate your DPS policy covering your children and getting them to sign up for themselves?

(20-06-2014, 12:23 PM)chongsk Wrote: I insured my children during the first introduction of DPS by CPF that must be more than 15~20 years ago when they were still schooling in primary or secondary. Further more their Medishield Insurances are also paid from my Medisave account.

I find it very difficult to get CPF to change payee for the privatized insurance premium. As you may know all the insurance schemes under CPF umbrella have now been privatized. I have the feeling that CPF's attitude is changing of payee is not within their scope of responsibility.

Hi Chong,
I'm still confused.
1. DPS is for age 16-59, hence, they were not eligible under DPS scheme.
Can you double check your CPF statement, what's the amount of deduction for your kids under DPS? I mean how much is the premium?

2. Changing of payee for insurance. Exactly what's the problem you are facing?
There was a new Insurance nomination law introduced in 2009.
Here is a good write up for consumer:
Click here for English version

Chinese version: http://www.lia.org.sg/files/document_hol...013_Ch.pdf


Love Compassion