(Source: Great Eastern)
Several massive changes are happening to the insurance sector on 1 April at once and its coincidence is certainly no April’s fool joke. I wrote about how some insurance providers are replacing existing ISP with full insurance riders from 1 April onwards. On the same day, all Dependants’ Protection Scheme (‘DPS’) policies will also be exclusively administered by Great Eastern (‘GE’). Therefore, I find that my NTUC Income DPS will be administered by GE soon. Even if you are already an existing Great Eastern DPS policyholder, you should continue reading this article to find out how you can benefit from a newly enhanced DPS.
WHY IS GREAT EASTERN ADMINISTERING ALL DPS?
Great Eastern was the only private insurer awarded the 5-year contract by CPF Board to administer the DPS in a competitive tender. As a result, those previously insured under NTUC Income will have their policies automatically transferred over to GE. As Heartland Boy had previously re-instated his DPS at age 30