But ask anyone what it covers and it is likely … It is aimed at providing you with the maximum financial protection at the lowest premium possible. Backed by. If it is going to a custodial scheme, only pay the deposit to the scheme directly. you suffer from serious illness, Terminal Illness or Total Permanent Disability before the commencement of the cover; you have provided false or misleading information; or. An adjudicator will assess the evidence and determine the appropriate repayment of the disputed sum. Submit a Comment Cancel reply. Singapore 189557. While it is not a compulsory scheme, it is an opt-out scheme, meaning that unless you deliberately opted out of the scheme, you would be automatically enrolled when you make your first CPF contribution and are between the age of 21 and 60 (65 after 1 April 2021). The DPS insured scheme will not be charging membership or annual renewal fees to its customers, so no membership paperwork to contend with either! Why does DPS coverage end at the end of the policy year that I turn age 60? thankyou in advance. Do I need to apply for the higher sum assured? “I’m delighted that the Government has again chosen to entrust us with this substantial responsibility,” said DPS managing director Julian Foster at the time of the renewal. To terminate your DPS policy, you will need to complete the opt out form and submit it at Income branch or by post to: If the premiums are paid by cash or cheque, the premium refund will be by cheque. This is provided your policy is renewed with at least a minimum sum assured of $5,000. The Home Protection Scheme (HPS) is a mortgage-reducing insurance, which insures CPF members and their families against losing their HDB flats in the event of death, Terminal Illness or Total Permanent Disability. Once in dispute, just like the custodial, the deposit may only be returned by agreement of the parties, court order or a decision … The process is a very simple process and your unique discount code is; BLA1218 You will only need to complete the witness’s details for your application form if you are below 21 years old when applying for DPS. To find out more about The DPS (Insured and Custodial), please visit www.depositprotection.com or contact us direct at media@depositprotection.com . While you are waiting for a reply from your preferred insurer, we encourage you to remain insured under your current policy to continue to enjoy the full benefits of the policy. In OpenRent’s Rent Now tenancy creation service, we do all of this for you, making sure you set up your tenancy on a sound legal footing! All government-approved providers of tenancy deposit protection schemes offer a free, impartial dispute resolution service. Life & Health Operations From its modest benefits to the new bumper changes setting in from 1 April 2021 onwards. However, if you terminate your DPS policy after the free-look period, a pro-rated part of the premium based on the remaining days of cover will be returned to you. Complete the reinstatement form and submit it at any Income branches. If no nomination is made, it will go to a proper claimant instead – that could be your spouse, parent, child or sibling. Can I pay my premium via cash / cheque for subsequent renewals and not through my CPF account? Participation in The DPS insured scheme will be open to all private landlords on a pay as you go basis. If I apply for a top-up, must I declare my health condition? The DPSalso still provide the free of chargecustodial option (where the scheme holds the deposit). DPS is automatically extended to CPF members who are Singapore citizens or Permanent Residents, between age 21 and 60, when they make their first CPF working contribution. British Landlords Association members have the benefit of using DPS to protect a tenants d… November 5, 2020. With insured schemes, landlords are free confer with the tenant, agree deductions and then return the deposit to the tenant without involving their provider. Testimonials View All. In deposit protection, Insured, Landlords, Letting Agents, Updates. We use cookies to enhance your experience on our website. What is the deadline if I wish to apply for a top-up? If my policy has lapsed / I have opted out of DPS and I want to reinstate my policy, will I still be entitled to the bonus sum assured? Protection against death, terminal illness[1], and total permanent disability[2]. Our custodial scheme works a little differently and is completely free to join and use. A guide to bulk deposit submissions - Insured scheme. We will notify you of the need to top-up via a top-up notice to stay insured if there are insufficient funds in your CPF account. The DPS also has an insurance-backed scheme but it's relatively small when compared with the custodial operation, holding around 25,000 deposits as opposed to 1.26 million. Overall, I am glad to have higher insurance coverage at a lower cost during my prime years. Scheme (“DPS”) and the date on which this policy commences is the policy commencement date. Insured schemes work differently both before and after repaying the deposit. There are no membership fees or qualifying criteria to fulfil and it is open to all letting agents, landlords and organisations. Otherwise, you can choose to remain insured for a lower sum assured. If you’re currently using the DPS free custodial scheme and are happy, there is no need to do anything but keep using it. This article reflects the new and updated scheme. Renewing the scheme costs £14.70 each year. By submitting my request, I consent and agree to Income and its representative to collect, use and disclose my personal data for the purpose of contacting me via my contact information provided in the area(s) that I have indicated my interest. Without it, it is very hard to prove that any damage was caused by the tenant during their tenancy, or that any items that were present at the start of the tenancy have gone missing. To avoid any kind of dispute or ambiguity among those who are survived by, it might be advisable for you to take a minute and make a nomination. Contact a tenancy deposit scheme (TDP) if you’re not sure whether your deposit has been protected. In such a case, you will need to top-up the difference in cash. TDS insured is completely free to join. Under custodial schemes, the landlord (or their agent) collects the security deposit money from the tenant, and then registers the money with a government-approved deposit protection scheme. This service is an alternative to using the courts, and is therefore an Alternative Dispute Resolution service (ADR). Calls are charged at your standard rate. DPS coverage will stop when you are 60 years old on the renewal date. A notification letter will be sent to you at least 1 month before your renewal date. If your application is successful, your new insurer will liaise with your current insurer to terminate your original policy. There are separate TDP schemes in Scotland and Northern Ireland. TDS’ Insured Scheme Explained. Insured suffers from Total Permanent Disability or; Death of the insured; Here are some features of the Dependants’ Protection Scheme: It is an optional insurance scheme that is automatically extended to all eligible CPF members (Singaporeans and Singapore Permanent Residents) Therefore, to be excluded from the DPS, CPF members have to complete an opt-out form. Need to speak to us? What should I do if it is past 120 days from my lapse date? Need to speak to us? The insured schemes will normally require a further fee whenever a new tenancy is granted including even if its a simple renewal to the same tenants. You can refer your dispute to the scheme and their adjudicators will make a decision based on the evidence provided by the tenant and the landlord. I have funds in my CPF account. The Dependants’ Protection Scheme is a term-life insurance scheme that currently provides insured members and their family a basic coverage of up to $46,000. Who is eligible for the bonus sum assured? With this in mind, let’s do a revision for this insurance scheme. How to register and other general guidance. If you have been automatically covered under DPS, your free-look period is 2 months from your policy commencement date. An inventory is when you assess the condition and contents of the property at the start and end of a tenancy, and make a record accompanied by photos. Affordable term-life insurance that automatically covers all Singapore Citizens and Permanent Resident CPF members who are aged 21 to 60 years old. What if I decide to cancel my policy after my application is successful? Average rents grow throughout 2020 - The DPS Rent Index Q4 2020 DPS is an optional scheme which covers CPF members who are Singapore Citizens or Permanent Residents for a maximum sum assured of $46,000. No further Terms and Conditions will be issued to you on annual renewal unless the cover has changed. If the existing tenancy agreement is continuing, create an addendum to reflect the new arrangement. There are certain conditions whereby the benefits under this plan will not be payable. With both Custodial and Insured options, we have your deposits covered. It will only be deducted from your Special Account if there are insufficient funds in your Ordinary Account. No, you will need to pay the top-up payment in full by a single mode of transaction. Participation in The DPS insured scheme will be open to all private landlords on a pay as you go basis. DPS is an optional scheme which covers CPF members who are Singapore Citizens or Permanent Residents for a maximum sum assured of $46,000. Become a member online. • Name Will I get any money back after I turn 60 years old? “I’m delighted that the Government has again chosen to entrust us with this substantial responsibility,” said DPS managing director Julian Foster at the time of the renewal. CPF Investment Schemes; Self-Employed Scheme. The repayment process is also different, since the landlord already has the security deposit in their accounts at the end of the tenancy. If there is a dispute, then the landlord needs to involve the scheme. The DPS also still provide the free of charge custodial option (where the scheme holds the deposit). you or the agent holds the deposit and you pay the scheme to insure it - known as an ‘insured’ scheme; At the end of the tenancy. Depending on your age at your last birthday, the corresponding premium amount, based on the maximum sum assured of $46,000, will be deducted yearly from your CPF Ordinary Account and/or Special Account. In this case, the landlord should repay the tenant the undisputed £800, then pay £200 to the scheme. Further discounts will be available for volume. Register details of the deposit online. Authorised by: Get in touch. Given that rising cost of living, it certainly makes more sense to have higher insurance coverage today. You will still be covered under DPS as DPS provides worldwide coverage. What do we recommend? In situations whereby the insured passes away, the DPS payout will go to the insured’s nominee. Some common forms of evidence accepted include: the terms of the contract, bank statements, utility & council tax bills, inventory reports, photographs/videos of the property, email correspondences, cleaning charges, witness statements. You pay a small fee to protect each deposit, which means you can keep your deposit in your bank account for the duration of the tenancy, keeping the accrued interest. Instead, you will need to take up a new DPS policy. Life & Health Operations Central Provident Fund (CPF) members are automatically included under DPS if they are a Singapore Citizen or Permanent Resident, between ages 21 and 60, and have made their first CPF working contribution. Landlords can learn how to make a partial deopsit refund here. Under insured schemes, the landlord (or their agent) collects the security deposit money from the tenant. What if I do not make any top-up payment? Group Insurance for Schools & MOE Personnel, Total and permanent disability protection, Protection in the event of total and permanent disability, Option to accumulate my cash payouts with interest, Guaranteed acceptance regardless of health condition. Why have I not received my Certificate of Insurance after my policy was renewed? From 1 April 2021, Great Eastern Life will take over the sole administration of DPS. Participation in an insured scheme allows the landlord or letting agent to hold the deposit in their own bank account for the duration of the tenancy but if there is a dispute at the end, the disputed amount must be transferred to the scheme (so in that sense it becomes a custodial scheme). Dependants' Protection Scheme (DPS) Term Life Insurance Affordable term-life insurance that automatically covers all Singapore Citizens and Permanent Resident CPF members who are aged 21 to 60 years old. However, you are required to declare your health conditions by completing the Health Declaration form that was enclosed in your DPS Welcome Package. This is because DPS is not structured to have any savings or investment components. It provides coverage for death, terminal illness, and total permanent disability (TPD) On 2 October 2020, the CPF board announced some key changes to the DPS. At the end of the tenancy, you administer the repayment with the tenant. if the weekly rent is £100, and the deposit was £700, then the landlord would need to refund £200 before renewing the tenancy to ensure the deposit does not exceed five weeks’ rent. The insurance based scheme aimed at private landlords rather than letting agents is called mydeposits.com and is run by landlord insurance brokers Hamilton Fraser. DPS_insured_terms&conditions_Apr2015 V23.0 The Deposit Protection Service - Insured Terms and Conditions 1. Membership of the Insured Scheme allows the landlord or letting agent to hold the deposit as stakeholder for the duration of the tenancy (for agents this must be a ring-fenced client account) and the landlord, registering the deposits directly, pays online to complete the registration process. 3. A comparison … Pay for … You shall be entitled to cancel the policy within 14 days from the policy commencement date and receive a full refund of premiums. Automatic yearly policy renewal, provided that there are sufficient funds in your CPF account. How do I get my deposit back? If there are insufficient funds in your CPF account for the full premium deduction, you will receive a notice to make payment for your policy. Yes, a health declaration is required if you are topping up your sum assured after 60 days from your DPS policy renewal date. 24 min read. DPS is an optional scheme which covers CPF members who are Singapore Citizens or Permanent Residents for a maximum sum assured of $46,000. No, you will need to pay your premium through your CPF account. Bonus sum assured is a one-off benefit given to you due to your loyalty in staying insured under DPS before privatisation. In Rent Now we protect your deposit in the DPS’s custodial scheme well within the 30-day time period. Private Medical Insurance Scheme; ElderShield/ CareShield Life; Optimising My CPF. While it is not a compulsory scheme, it is an opt-out scheme, meaning that unless you deliberately opted out of the scheme, you would be automatically enrolled when you make your first CPF contribution and are … What is the Dependants’ Protection Scheme? There is no fee for joining. 0330 303 0030. back to top; back to navigation; back to content; skip to navigation; skip to content; Join; Log in; Log in to my Insured account. You will have 30 days from when the tenants pay the deposit to register it and provide them with the prescribed information. Coverage for your policy is automatic and no further action is required from you. It is overly automated and not personal enough for us, so a move to TDS ... using the TDS Insured scheme in addition to the unique key features of TDS Custodial. Pay for premiums using your CPF Ordinary and/or Special Account[4] (“CPF account”). Our Insured scheme terms and conditions. It could be because your funds in the CPF Ordinary and / or Special Account were transferred to your Retirement Account when you reached 55 years old. All our products are developed to benefit our customers but not all may be suitable for your specific needs. Please ensure that you update us with your up-to-date mailing address to receive your DPS notifications. You are not required to take any action as the increase in sum assured will be automatically extended to you from 1st April 2021 onwards. Why am I automatically covered under DPS before I declare my health condition to Income? 04/13 – Main changes to prescribed information and front page of AST. They must pay the disputed amount to the scheme provider – not the whole deposit. If you request to terminate your DPS policy within the free-look period, you will receive a full refund of premiums paid. If the premiums are deducted from your CPF account, the premium refund will be remitted back to your CPF account. This agreement is suitable for both insured scheme (launched 1 April 2013) and custodial. 0 Comments. You can find these on our YouTube channel, DPS TV! They must pay the disputed amount to the scheme provider – not the whole deposit. Why did I receive a letter informing me of insufficient funds for premium deduction? There are two kinds of scheme that landlords can use to register a rental security deposit: custodial and insured. Deduction will be made from your Special Account only when there are insufficient funds in your Ordinary Account. I am 55 years old and above. You must be a CPF member and a Singapore Citizen or Permanent Resident aged between 16 and 59 years old to be covered under DPS. How will I be informed of the renewal of my cover? But should you? They hold it for the duration of the tenancy, not releasing until either: Either the landlord or the lead tenant can initiate a request to repay the deposit, but they must both agree on the deductions to be made. Part 4.2: How to pay for DPS? Keep the deposit in a UK bank account and it is immediately protected by our insurance. 1 … The policy contract will be issued when your application is accepted. This is provided that you have not opted out of your policy with us. All TDP schemes offer you 2 options: the scheme hold the deposit for free - known as a … This plan does not have any cash value. You will not get any money back after your policy is terminated. As a result, you may not be able to afford the premiums or get the insurance protection you want. These documents apply to both our Custodial and Insured schemes: Everything you need to know about our Custodial scheme in one place! Be covered for up to a maximum sum assured of $46,000[3]. Total Permanent Disability refers to (i) the inability to take part in any employment permanently or (ii) the total permanent loss of physical function of any of the following: If you have enough savings in your CPF Ordinary and/or Special Account to pay the full premium, you will be automatically covered for the maximum amount of $46,000. When you create an Insured account, the DPS will send you a direct debit mandate. Registered address: The DPS, The Pavilions, Bridgwater Road, Bristol, BS13 8AE. You should note that Income will not consider your claims if you were found giving false or misleading statements, or have withheld relevant information in your health declaration. You must declare and fully disclose all information regarding your health, if you are, Refer here for the list of serious illnesses. If it is going to be protected by an insured scheme, give an undertaking that you will only transfer the money on receipt of proof that the deposit is re-protected. In most cases, the landlord and tenant will agree to the deductions, and then both confirm the repayment arrangement to the provider. You can find the usual terms and conditions of this plan in the policy conditions. • Policy number. I understand that I can refer to Income’s Privacy Policy for more information on the collection, use and disclosure of my personal data and manner of consent withdrawal. Introduction. This is provided your policy has been renewed for a minimum basic sum assured of $5,000. What is the Dependants’ Protection Scheme (DPS)? No, you will need to use your own CPF savings to pay for your premium. Be covered for up to a maximum sum assured of $46,000[3]. It costs £57.50 to join the scheme and then £29.36 for each property protected. DPS is an affordable term-life insurance scheme that provides insured members and their families with some money to get through the first few years should the insured members pass away, suffer from Terminal Illness or Total Permanent Disability. Enter a search term . You will need to complete the top-up form and send it together with your cheque to: Dependants’ Protection Scheme Unit A small fee to cover the insurance applies. If you are planning to cancel your coverage under the Dependants’ Protection Scheme (DPS), please take some time to reconsider the benefits of DPS. What is the difference between Dependants’ Protection Scheme (DPS) and Home Protection Scheme (HPS)? For example, insured deposit scheme provider My Deposit charge landlords £26 for deposits over £500. Under a custodial scheme, the money is held by the scheme provider; under an insured scheme, the landlord can keep the money in their own bank account during the tenancy. DPS provides coverage against permanent incapacity and death. Please issue your cheque in favour of “NTUC Income” and indicate the following details on the back of your cheque. Complete the DPS proposal form and declare all your health information at any Income branch. Both parties must sign the information and you should keep a copy. I’ve used the TDS for all my tenancies since protecting deposits with an independent organisation became law. DPS policyholders who are covered under DPS before Jun 2003, DPS policyholders who are covered under DPS on and before 16 Sep 2005, Insuring with us for the first time, whether by auto-cover or application; or, Topping up your sum assured after 60 days from your DPS policy renewal date; or, Any surgery/treatment/medical test that you had previously undergone or will be undergoing; and. You must be a CPF member and a Singapore Citizen or Permanent Resident aged between 16 and 59 years old. What is the Dependants’ Protection Scheme (DPS)? It is usually agreed upon and signed by both the landlord and the tenant at the start of the tenancy. DPS is an affordable term-life insurance scheme that provides insured members and their families with some money should the insured members pass away, suffer from Terminal Illness or Total Permanent Disability. It is a form of term life insurance that provides some protection to those who are insured under the scheme. Below table shows the benefit comparison. your claim arose from wars or any warlike operations or participation in any riot. inability to take part in any employment permanently; or. How small? Table of Content: Automatic Enrolment; Scope of Coverage and Policy Term The Covid-19 pandemic is affecting us all, and the health and security of our customers is our priority. The main difference between them is simple. The scheme will then arbitrate and determine the appropriate repayment of the remaining £200. Central Provident Fund (CPF) members are automatically included under DPS if they are a Singapore Citizen or Permanent Resident, between ages 21 and 60, and have made their first CPF working contribution. The bonus sum assured is an additional benefit that is payable only in the event of a claim. You have up to 60 days from your DPS policy renewal date to apply for a top-up. Landlord members of the Guild of Residential Landlords and accredited landlords with Private Rented Sector Accreditation Schemeare able to obtain a discounted rate for the Deposit Protection Service insured tenancy deposit scheme. In fact, it is one of those insurance policies that we will own and forget. An example to illustrate: A landlords wants to deduct £200 from a £1,000 deposit registered with an insured scheme. • Contact number You can refer to your policy contract for the precise terms, conditions and exclusions of the plan. The tenant disputes £100 of the deductions. Notes: Policyholders who are covered under DPS subject to special terms or exclusions before 01 May 2016, will have the same terms or exclusions imposed on them for any claim for total and permanent disability. The Dependants’ Protection Scheme is a term life insurance plan that covers eligible CPF members. Under a custodial scheme, the money is held by the scheme provider; under an insured scheme, the landlord can keep the money in their own bank account during the tenancy. 5 min read. DPS is a scheme that you can opt out from. Dependants’ Protection Scheme (“DPS”) is a common example of a yearly renewable term insurance policy in Singapore. 3. 2. The Dependants’ Protection Scheme (DPS) was privatised on 17 September 2005 and is currently offered to CPF members only. Most of us are insured under the Dependants’ Protection Scheme (DPS) which is an opt-out term insurance scheme administered by two insurers Great Eastern and NTUC Income. This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). As the home of deposit protection, we’ve got it covered. 2 In 5 Singaporeans Think Not Doing This Is Uncaring, How Life Insurance Works To Protect Your (And Your Children’s) Happiness. E.g. Find out the difference between insurance and custodial tenancy deposit protection schemes with this helpful guide from My Deposits - leading providers of services and advice for landlords, letting agents and tenants in the private rental market. What is Dependants’ Protection Scheme (DPS)? Register the deposit. • NRIC number The Tenant Fees Act 2019 has capped tenancy deposits at a 5 weeks’ rent maximum. You can refer to the following table for more information. You will have to declare all your health information and your reinstatement will be subject to underwriting. It is not affected by the switching of insurers. 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