With regards to DPS (Dependant Protection Scheme), will there be any difference in coverage from different providers such as Great Eastern and NTUC Income? - Seedly
 

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Asked by Elaine Tor

Asked on 21 Jan 2020

With regards to DPS (Dependant Protection Scheme), will there be any difference in coverage from different providers such as Great Eastern and NTUC Income?

What are the pros and cons of each scheme? Which is better? Anyone bought these policies?

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Hi Elaine,

There's no difference in coverage. However, you will want to note that the premiums will increase with age band, so at some point, it might actually be more cost effective to have your own term plan to get an adequate level of cover.

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The coverage is the same and you can understand the details here: https://www.blog.pzl.sg/dependents-protection-scheme-dps-singapore/

The main difference is the insurance provider itself. As a result, there may be a slight difference in the level of service rendered, e.g. being able to view your policy online, turnover time for your enquiry.

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Brandan Chen
Brandan Chen, Financial Planner at Manulife Singapore
Level 7. Grand Master
Answered on 21 Jan 2020

Hi Elaine,

There is NO difference in terms of coverage for DPS provided by either insurer. Basically, DPS is a simple Term plan that provides coverage of S$46,000 till Age 60 for 3 main things: Death, Total & Permanent Disability, Terminal Illness.

DPS will be automatically assigned once a person makes his/her first working CPF contribution from 21 years old onwards. However, you are able to opt-out of it, but will not be advisable as its relatively affordable.

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Not really. It's a simple term plan. If you die, I pay. Not dead, no pay.

Just note DPS only lasts till age 60 and the cover is 46k. You can't buy a 46k policy from a private insurer. Usually start from 100k and up.

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