My Responses To The Questions On The Dependants’ Protection Scheme (DPS) And Eldershield

A Reader has recently submitted these following questions (some of these have been edited for the purpose of this blog post) about the Dependants’ Protection Scheme and Eldershield:

a) what happened to my Dependent Protection Scheme as I do  not remember opting out
b) how do I reinstate my Dependent Protection Scheme
c) I would like to upgrade my Eldershield plan to a higher plan

And these are my personal responses. So if you have similar issues like these, I do hope this blog post will provide some of the answers that you need.

Note To My Other Readers: If you have questions pertaining to your existing Policies or you (as a Financial Consultant) have clients who have issues… I (and this Financial Blog) may not be able to provide any direct and prompt assistance therefore it would always be best to contact your Insurance Companies’ Customer Service Hotline where they have more policyholder access and will be able to provide the help that you are looking out for!

A) What Happened To My Dependent Protection Scheme As I Do Not Remember Opting Out

If you do not remember if you are still covered under this CPF Scheme (you are below the age of 60 and you have not been receiving any mailing notification about the renewal), the best way to check is through your CPF Account (assuming that you are paying through your Ordinary Account).

I notice that once you are logged in… you will not be able to see straight away if you are still covered about this plan but there’s a way to check out and it goes like this:

  1. Click on the “My Statement” at the left hand side of the page after you have logged in
  2. Under Section B “Transaction & Contribution History” choose the Option “Transaction History up to the last 15 months”
  3. Just below this section you get to see this Time Period – you will need to select the first date (a certain month in the previous year) and click on the Proceed Button
  4. You will get to see a list of all the Transactions generated this particular time period
  5. Look under The Transaction Code that’s just beside the Date, e,g, CON, INT, MSH, DPS and etc
  6. If you happen to see this DPS code, this means that you are still being covered under the DPS (side note: if you see MSH, this means you are still covered under the Medishield Plan as well)

And the next thing to do, is to call either of the two Insurance Companies who are currently administering the DPS Policies – NTUC Income or Great Eastern and have them checked and confirmed for you your DPS Policy Status. If this is the first time you are dealing with them and you have ever moved to a new residential place before, do check and confirm with them your current address versus their current record. Update if it’s necessary to get all the latest updates with regards to your DPS.

Note: if you find it a hassle to log in to your CPF Account, you can skip the steps above and just call or pay a visit to either of the insurance companies to check on the status. 🙂

B) How Do I Reinstate My Dependent Protection Scheme?

If you have been informed that your DPS has been terminated. You can choose to visit either of the Two Insurance Companies’ Service Branches as mentioned above and apply for a new DPS Policy directly.

There is no difference in terms of Features and Benefits when you apply at either of the Insurance Companies so it is very much depends on your preferences. Also note that your application will still be underwritten based on your Current Health Status (and you must be below the age of 60) so if you have any medical records, it is recommended that you bring it down on that day of application.

Proposal Forms and Mailing Addresses are available at their respective websites or you can copy-and-paste the links below on a new browser page:

  • http://income.com.sg/forms/proposal/DPS.pdf
  • http://www.greateasternlife.com/sg/en/pdf/forms/DPS_ProposalForm.pdf

C) I Would Like To Upgrade My Eldershield Plan To A Higher Plan

The upgrade process for your current Eldershield Plan should be straightforward as well. If you are under the $300/month Plan, you can opt to upgrade to the $400/month Plan (subjected to simple form of underwriting) by filling up the Upgrade Form with your Insurer.

But if you intend to go beyond the $400/month and opt for the Eldershield Supplements, you have up to 3 Different Insurers to choose from, namely, AVIVA, NTUC Income and Great Eastern. The good thing about opting for the Eldershield Supplements is that you can compare between the 3 companies, choose the one that suits you and go for it – even if the Insurer is different from the one for your Main Plan.

To my reader who has sent me these questions, I do hope that I have answered them to my best knowledge… if you have such similar questions as well, I also hope that you have benefitted from this blog post. If not… please feel free to send them over!

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