DPS is an affordable term-life insurance scheme that provides insured members and their families with some money to get through the first few years should the insured members pass away, suffer from Terminal Illness or Total Permanent Disability. There are three different government-approved providers for each area of the UK. We have had many questions from tenants, landlords and agents – please see our Covid-19 resource page for the latest information. You can pay the difference either by cash or cheque or by authorising us for another deduction attempt from your CPF account. If it is going to be protected by an insured scheme, give an undertaking that you will only transfer the money on receipt of proof that the deposit is re-protected. Download the Income Insurance app for the latest rewards and deals. E.g. In such a case, you will need to top-up the difference in cash. Is it compulsory? Otherwise, you can choose to remain insured for a lower sum assured. Our custodial scheme works a little differently and is completely free to join and use. You can find the usual terms and conditions of this plan in the policy conditions. I have funds in my CPF account. • Policy number. DPS provides coverage against permanent incapacity and death. Private Medical Insurance Scheme; ElderShield/ CareShield Life; Optimising My CPF. Register the deposit. You will still be covered under DPS as DPS provides worldwide coverage. I am currently insured under DPS with NTUC Income. The process is a very simple process and your unique discount code is; BLA1218 The Home Protection Scheme (HPS) is a mortgage-reducing insurance, which insures CPF members and their families against losing their HDB flats in the event of death, Terminal Illness or Total Permanent Disability. If you’re currently using the DPS free custodial scheme and are happy, there is no need to do anything but keep using it. You will no longer be able to reinstate your DPS policy. Keep the deposit in a UK bank account and it is immediately protected by our insurance. Introduction. Can I pay for my DPS policy using another person’s CPF account? DPS Insured Scheme – For British Landlords Association members. Automatic yearly policy renewal, provided that there are sufficient funds in your CPF account. This payment can then be made by cash or cheque. You can refer to the following table for more information. If you miss this deadline, your top-up application will be subject to medical underwriting. If your application is successful, your new insurer will liaise with your current insurer to terminate your original policy. Check if my deposit is protected? DPS is a scheme that you can opt out from. Pay for premiums using your CPF Ordinary and/or Special Account[4] (“CPF account”). DPS is a term-life insurance scheme that provides insured members and their families with a sum of money to get through the first few years should the insured members pass away, or suffer from terminal illness or total permanent disability. Without it, it is very hard to prove that any damage was caused by the tenant during their tenancy, or that any items that were present at the start of the tenancy have gone missing. It provides coverage for death, terminal illness, and total permanent disability (TPD) On 2 October 2020, the CPF board announced some key changes to … Yes, you will be entitled to the bonus sum assured provided that you are insured under DPS on or before 16 Sep 2005 and your reinstatement request is successful. This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Testimonials View All. The Dependants’ Protection Scheme (DPS) was privatised on 17 September 2005 and is currently offered to CPF members only. The scheme will then arbitrate and determine the appropriate repayment of the remaining £200. Recently, this nation-wide term insurance scheme came back into the spotlight, to let you know that you’re about to be paying less and gaining more. 0 Comments. This is provided your policy has been renewed for a minimum basic sum assured of $5,000. Pay a small protection fee to legally protect each deposit you take. DPS policyholders who are covered under DPS before Jun 2003, DPS policyholders who are covered under DPS on and before 16 Sep 2005, Insuring with us for the first time, whether by auto-cover or application; or, Topping up your sum assured after 60 days from your DPS policy renewal date; or, Any surgery/treatment/medical test that you had previously undergone or will be undergoing; and. Dependants' Protection Scheme (DPS) Term Life Insurance Affordable term-life insurance that automatically covers all Singapore Citizens and Permanent Resident CPF members who are aged 21 to 60 years old. What if I decide to cancel my policy after my application is successful? There are separate TDP schemes in Scotland and Northern Ireland. Guides. You can also send it by post to: If your application is rejected by the preferred insurer, your existing policy with us will still remain in force. The Tenant Fees Act 2019 has capped tenancy deposits at a 5 weeks’ rent maximum. “I’m delighted that the Government has again chosen to entrust us with this substantial responsibility,” said DPS managing director Julian Foster at the time of the renewal. 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