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Do You Terminate Your DPS And Eldershield Because Of The Premiums?

There is still a strong sign of Singaporeans terminating their Dependent Protection Scheme and Eldershield simply because of these reasons:

1. If I do not die, be permanently incapacitated before the age of 60 (for the case of DPS) or unable to commit to at least 3 out of the daily 6 activities (for the case of Eldershield), the total premiums paid by me are down the drain

2. I do not know what these plans are all about.

3. My CPF accounts (Ordinary and Medisave) will run out because of these plans if i continue to pay.

And when unforeseen circumstances do happen, some of the fingers are actually pointing to the insurance companies for not doing their best to ask the Policy Holders to keep the plan or that the plan was terminated without the Policy Holders’ acknowledgement (they do happen!)

Then there will be a tough time asking for the revival of the plans… asking for leniency and such…

The Premiums Paid Is Just A Small Price…

Let’s calculate the total premiums paid when you first get in (entry age is 16 if you do make your first CPF contribution) to age 60:

  • Age 16 – 34, $36 per year, a total of 19 x $36 = $684
  • Age 35 – 39, $48 per year, a total of 5 x $48 = $240
  • Age 40 – 44, $84 per year, a total of 5 x $84 = $420
  • Age 45 – 49,  $144 per year, a total of 5 x $144 = $720
  • Age 50 – 54, $228 per year, a total of 5 x $228 = $1140
  • Age 55- 60, $260 per year, a total of 5 x $260 = $1300

Making a total premiums paid of $4504 during a duration of 45 years, an average of $100 per year, $8.33 per month, $0.28 per day but covering you for a lump sum $46,000 (not including the bonuses). And should anything happen meanwhile, the return-fold is 46,000/100 = 460 times instantly.

How About ElderShield?

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