Introduction
In today's uncertain world, protecting your loved ones financially is more important than ever. Term life insurance offers an affordable way to provide this crucial safety net. The Great Eastern Dependants' Protection Scheme (DPS) is a unique term life insurance product designed specifically for Singapore Citizens and Permanent Residents. This government-initiated scheme provides essential coverage to help families navigate challenging times. Let's explore how DPS can offer you and your dependents valuable financial protection.
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Coverage and Benefits
The Great Eastern Dependants' Protection Scheme (DPS) offers comprehensive coverage to protect you and your loved ones. From death benefits to provisions for terminal illness and total permanent disability, DPS provides a financial safety net when you need it most. Let's delve into the key features and benefits of this essential insurance product.
Death Benefit
DPS provides a lump sum payment upon the insured's death. The sum assured is $70,000 for members up to age 60, and $55,000 from age 60 to 65.
Terminal Illness Benefit
If diagnosed with a terminal illness expected to result in death within 12 months, the full sum assured is payable. This benefit helps manage medical expenses and provides financial support during difficult times.
Total Permanent Disability Benefit
DPS covers total permanent disability, paying out the full sum assured. This includes permanent inability to work or total loss of physical function in both eyes, both limbs, or one eye and one limb.
Policy Terms and Conditions
Understanding the terms and conditions of your DPS policy is crucial for making informed decisions about your coverage. This section outlines key aspects of the policy, including eligibility, renewability, and premium details.
Entry Ages
DPS coverage is available for Singapore Citizens and Permanent Residents aged 21 to 65. Those aged 16 to 20 can also apply for coverage.
Policy Terms
DPS provides coverage up to age 65. The sum assured is $70,000 up to age 60, then reduces to $55,000 from age 60 to 65.
Renewability
DPS policies are automatically renewed annually until age 65. A notification is sent one month before the renewal date.
Premium Guarantees
Premiums are based on age and increase as you get older. The yearly premium ranges from $18 for those 34 and below to $298 for ages 55-64.
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Riders
Based on the provided information, there are no specific riders mentioned for the Great Eastern Dependants' Protection Scheme (DPS). The scheme appears to be a standalone term life insurance product with built-in benefits for death, terminal illness, and total permanent disability.
Claims and Customer Service
Filing a claim with Great Eastern for the Dependants' Protection Scheme is a straightforward process. For death claims, required documents include a claim form, certified death certificate, and proof of the claimant's relationship to the deceased. In cases of terminal illness or total permanent disability, specific medical documentation is necessary. Great Eastern provides customer support through multiple channels. For more information or assistance, customers can visit their website at www.greateasternlife.com/DPS, call their hotline at 6839 4565, or email [email protected].
Conclusion
The Great Eastern Dependants' Protection Scheme (DPS) is an excellent option for Singapore Citizens and Permanent Residents seeking affordable term life insurance coverage. It's particularly well-suited for young working adults starting their careers, parents with dependent children, and those looking for basic financial protection up to age 65. The scheme's automatic enrollment for eligible CPF members makes it a convenient choice for many.
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