Singapore-based financial blog that aims to educate people on personal finance, investments, retirement and their Central Provident Fund (CPF) matters.

Sunday, 10 May 2015

How much is Dependents' Protection Scheme (DPS) Premium?

Today we will be answering this question: How much is my Dependents' Protection Scheme (DPS) premiums?

DPS is a term life insurance scheme that provides your family with a lump sum of $46,000 when you:
1) become mentally or physically incapacitated from ever continuing in any form of employement
2) passed away

Its is a term insurance and is meant to insure you until you reach the age of 60.
In simple words, it is a term life insurance that insures you up to $46,000 and is paid by your CPF money.

The insurance premiums are paid annually and the rates are as per below.
If you would like to know how to save on your monthly insurance cost, link HERE

Age (as of last birthday) Yearly Premiums
34 years & below $36
35 - 39 $48
40 - 44 84
45 - 49 $144
50 - 54 $288
55 - 59 $260

Assuming you started contributing to your CPF at the age of 16 (our first part time job) and bought this insurance since then and continued it till you reach 60 years old, you would have paid out $4,504 in premiums for a $46,000 protection.
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