Dependents Protection Scheme

xiaosinsinful

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Will suggest to look around instead of focusing entirely on yourself

I see. So Govt the introduce some random new xyz scheme tomorrow and auto inclusion (as usual) and start deducting from your account without your knowledge you ok with that? :s13: Really is nothing to say to that
 

reddevil0728

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I see. So Govt the introduce some random new xyz scheme tomorrow and auto inclusion (as usual) and start deducting from your account without your knowledge you ok with that? :s13: Really is nothing to say to that

It’s not a secret.

Ignorance isn’t bliss.

It’s like government introduce a new law, and it’s made known to the public, but because you are ignorant, you didn’t realise and you break the law, you think you can get away with it by claiming you weren’t told?
 

mystikboy

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It’s not a secret.

Ignorance isn’t bliss.

It’s like government introduce a new law, and it’s made known to the public, but because you are ignorant, you didn’t realise and you break the law, you think you can get away with it by claiming you weren’t told?

Plus the gov doesn't introduce laws or policies overnight. Even if u missed all the signs, I think its fair to say that you're in the minority. So do consider how the DPS actually benefits the majority before being quick to dismiss its merits.
 

reddevil0728

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Plus the gov doesn't introduce laws or policies overnight. Even if u missed all the signs, I think its fair to say that you're in the minority. So do consider how the DPS actually benefits the majority before being quick to dismiss its merits.
if poster doesn't even realise money has been deducted from his/her CPF all these years, then regardless of whatever "evidence" there is, it wouldn't change anything to poster.
 

xiaosinsinful

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It’s not a secret.

Ignorance isn’t bliss.

It’s like government introduce a new law, and it’s made known to the public, but because you are ignorant, you didn’t realise and you break the law, you think you can get away with it by claiming you weren’t told?

... this has nothing to do with breaking the law. Can your insurance company randomly add riders or sign you up for other scheme and start deducting premiums from it without notifying you or your consent?
If you don’t know and keep paying , by your logic is your own fault because “Ignorance is not bliss”:s22:

Yes everyone on earth show know everything. When minister said token will not be use for other purpose then for COVID tracking. Everyone on earth should know that there is a exception in the law for it to be used for police right?
Because “ It’s not a secret.

Ignorance isn’t bliss.”:s22: remind me , why do we need lawyers again?
 
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exterminazn

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... this has nothing to do with breaking the law. Can your insurance company randomly add riders or sign you up for other scheme and start deducting premiums from it without notifying you or your consent?
If you don’t know and keep paying , by your logic is your own fault because “Ignorance is not bliss”:s22:

Yes everyone on earth show know everything. When minister said token will not be use for other purpose then for COVID tracking. Everyone on earth should know that there is a exception in the law for it to be used for police right?
Because “ It’s not a secret.

Ignorance isn’t bliss.”:s22: remind me , why do we need lawyers again?

Probably will suggest you to call up CPF and ask why you didn’t receive the letter

Please don’t lead this topic off track
 

ctan84

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I see. So Govt the introduce some random new xyz scheme tomorrow and auto inclusion (as usual) and start deducting from your account without your knowledge you ok with that? :s13: Really is nothing to say to that

You must be new to the workforce, otherwise not only do you just get the letter from CPF about the DPS when you are first included, you should also get an annual premium letter from the insurance provider about it. At least Great Eastern still bothers to send me one on the DPS every year.
 

intime

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I would prefer if govt can work with GE to further restructure DPS, make DPS comparable to DPI, with sum assured of up to $400k.

I don't mind having the option to use cpf money to buy term or whole insurance, this way i can save on using cash.
 

reddevil0728

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... this has nothing to do with breaking the law. Can your insurance company randomly add riders or sign you up for other scheme and start deducting premiums from it without notifying you or your consent?
If you don’t know and keep paying , by your logic is your own fault because “Ignorance is not bliss”:s22:

Yes everyone on earth show know everything. When minister said token will not be use for other purpose then for COVID tracking. Everyone on earth should know that there is a exception in the law for it to be used for police right?
Because “ It’s not a secret.

Ignorance isn’t bliss.”:s22: remind me , why do we need lawyers again?

1) insurance company do not have that kind of power to do whatever you are saying, especially when it touches CPF
2) obviously has the backing of CPF to be able to do whatever they are doing
3) it's definitely not random
4) There is a notification, so it's more likely that you missed it
5) Did you consent to CPF contribution? no. so is same thing. At least unlike cpf contribution, you can opt out
6) If you don't go check your statement when you have the access to it, who can you blame? It’s the same for not checking your bank statement.
7) If you are not happy, why don't you go sue them? Since you said why we need lawyers again?
8) Let the court decide.
 
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reddevil0728

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I would prefer if govt can work with GE to further restructure DPS, make DPS comparable to DPI, with sum assured of up to $400k.

I don't mind having the option to use cpf money to buy term or whole insurance, this way i can save on using cash.
Feedback to MP lor.

but i think they will say CPF is for your retirement, is not meant for "legacy"
 

qhong61

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I would prefer if govt can work with GE to further restructure DPS, make DPS comparable to DPI, with sum assured of up to $400k.

I don't mind having the option to use cpf money to buy term or whole insurance, this way i can save on using cash.
Not wise.....
 

Squaredot

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One thing for all to take note.
Point 2 of the letter,
The eligibility for a DPS cover is subject to you being in good health. You must declare and fully disclose all information regarding your health, including but not limited to .....blah blah blah. Otherwise, it may affect the future claims and the insurance policy may not be valid.

Some dependents may get rejected claims if the policyholder died from existing ailments :s11: :s11: Is this an accident policy :s11:

Only nomination form with the letter, no health declaration form inside... why?
 

BBCWatcher

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One thing for all to take note.
Point 2 of the letter,
The eligibility for a DPS cover is subject to you being in good health. You must declare and fully disclose all information regarding your health, including but not limited to .....blah blah blah. Otherwise, it may affect the future claims and the insurance policy may not be valid.

Some dependents may get rejected claims if the policyholder died from existing ailments :s11: :s11:
Correct. It’s in your interest to answer all questions truthfully and completely. Otherwise you could end up wasting premiums on a policy that won’t pay, and that’s the worst outcome of all. It’s way, way better to know up front if you’re actually covered so that you don’t waste even one dollar of premiums.

Is this an accident policy :s11:
It’s term life insurance. With rare exceptions, it doesn’t matter how you die or become totally and permanently disabled. It could be a piano falling on your head, or it could be pancreatic cancer (unknown and undiagnosed at the time of policy inception). (And you shouldn’t care about the how. “Named perils” policies are usually pretty dumb.)

Only nomination form with the letter, no health declaration form inside... why?
Maybe ask Great Eastern?
 
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reddevil0728

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One thing for all to take note.
Point 2 of the letter,
The eligibility for a DPS cover is subject to you being in good health. You must declare and fully disclose all information regarding your health, including but not limited to .....blah blah blah. Otherwise, it may affect the future claims and the insurance policy may not be valid.

Some dependents may get rejected claims if the policyholder died from existing ailments :s11: :s11: Is this an accident policy :s11:

Only nomination form with the letter, no health declaration form inside... why?
If you were previously with NTUC already, I think it's just a direct port over in terms of health declaration, because it wouldn't be fair to base it on existing health when it's them who are changing the insurer.
 

Squaredot

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Why not just include the nomination form and health declaration form? Not many will read the information leaflef from corner to corner and may not be aware health declaration is required. Not all are healthy without any existing health conditions.
 
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sohguanh

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Was doing some consolidation of my insurance policies and notice this item. CPF Dependent Protection Scheme which is a term life insurance so no cash value if surrender etc. Premium is deducted from CPF. What I am taken aback is premium is multiply by 2 every 5 years wow. $18 until $93 I am paying and next year it will jump to $188 wow! What if I retire at age 55 how to keep paying?

Would like to ask readers who intend to retire at age 55 will still keep paying this ? $188 will jump to $298 and age 60-64 payout reduced from 70K to 55K wow! Quite rugi deal IMHO.
 

reddevil0728

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Was doing some consolidation of my insurance policies and notice this item. CPF Dependent Protection Scheme which is a term life insurance so no cash value if surrender etc. Premium is deducted from CPF. What I am taken aback is premium is multiply by 2 every 5 years wow. $18 until $93 I am paying and next year it will jump to $188 wow! What if I retire at age 55 how to keep paying?

Would like to ask readers who intend to retire at age 55 will still keep paying this ? $188 will jump to $298 and age 60-64 payout reduced from 70K to 55K wow! Quite rugi deal IMHO.
premium increases with age ma. similar to like MINDEF/MHA insurance. cheap when younger. but when older exponentially more expensive

is not compulsory.

https://www.cpf.gov.sg/member/faq/a.../is-dependants--protection-scheme-compulsory-
if have, then no need DPS is it?
different kind of insurance
 

~sabaisabai~

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DPS is death, TPD straightforward kind of term insuracne. It does not go into health related expenses as those need to be covered by another kind of insurance.
is it mandatory? if we dont want, can cancel?
 
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