CPF Insurance Schemes

Singapore's Central Provident Fund (CPF) system includes two basic term-insurance schemes that protect members' families rather than building savings. The Dependants' Protection Scheme (DPS) is a life cover that pays a lump sum if a member dies or becomes terminally ill or totally and permanently disabled. The Home Protection Scheme (HPS) is mortgage-reducing insurance that pays off an HDB flat loan in the same events. Neither scheme has a savings or investment component. The CPF healthcare insurance schemes, MediShield Life and CareShield Life, are covered in healthcare financing.

Dependants' Protection Scheme

The Dependants' Protection Scheme (DPS) automatically covers Singapore Citizens and Permanent Residents aged 21 to 65 once they make a valid CPF working contribution. Members aged 16 to 65 who are not covered automatically can apply directly to Great Eastern Life, which solely administers the scheme (CPF Board, accessed Oct 2026).

From 1 April 2021, the DPS sum assured was raised from S$46,000 to S$70,000 for members aged 21 to 60, and cover was extended beyond age 60 to age 65 with a sum assured of S$55,000 for members above 60. Average premiums per thousand dollars of cover fell by about 47% at the same time; for example, the yearly premium for a member aged 34 and below became S$18, rising with age to S$298 for members aged 55 to 64 (CPF Board, accessed Oct 2026).

DPS is not compulsory: a member can end the cover at any time by contacting Great Eastern Life, but rejoining later requires a health declaration and is subject to good health. A claim can be made by the next of kin on the member's death, or by the member if certified to have a terminal illness or total permanent disability. CPF Board notes that the closure of the Special Account at age 55 may affect how older members' DPS premiums are paid, and advises members who want to keep the cover to arrange alternative payment (CPF Board, accessed Oct 2026).

Home Protection Scheme

The Home Protection Scheme (HPS), administered by CPF Board, is mortgage-reducing insurance for owners of HDB flats. If an insured member dies, becomes terminally ill or becomes totally and permanently disabled, HPS settles the outstanding housing loan, up to the sum insured and according to the member's share of cover, directly with HDB or the mortgagee (CPF Board, accessed Oct 2026).

HPS is required for members who own an HDB flat and pay the monthly housing instalments with CPF savings; it is strongly encouraged for those paying in cash. HPS does not cover private properties, including executive condominiums and privatised HUDC flats. Cover depends on approval and good health, and a medical examination may be required. Cover lasts until the member turns 65 or the loan is fully repaid, whichever comes first, so members whose loans run past 65 are advised to consider private insurance for the remaining period (CPF Board, accessed Oct 2026).

HPS cover shares, premiums and exemptions

Each co-owner's HPS share of cover should be at least that owner's share of the monthly instalment paid with CPF or cash, and the household's shares should add up to at least 100%. An individual can insure up to 100%, and a higher share means a higher premium. Annual premiums are deducted automatically from the member's Ordinary Account; if the balance is insufficient the member is told to top up, and family co-owners can authorise payment of the shortfall from their own Ordinary Accounts (CPF Board, accessed Oct 2026).

A member with a qualifying private life policy, such as a whole-life, term-life, endowment or mortgage-reducing policy, can apply for exemption from HPS if the policy covers the loan for its full term or until age 65, whichever is earlier. The application goes through the insurer with loan documents dated within six months, and premiums are refunded in full if the exemption request reaches CPF Board within one month of cover being issued (CPF Board, accessed Oct 2026).

Both schemes interact with estate planning: DPS payouts are not covered by a CPF nomination (CPF Board, accessed Oct 2026), so families should not assume they flow to CPF nominees; see cpf nominations. How CPF savings are used to buy a flat in the first place is covered in cpf housing usage.