Dependants’ Protection Scheme (DPS) is an affordable term insurance with a maximum sum assured of $46,000 ($70,000 from 1 April 2021) upon the event of death, terminal illness or total permanent disability of the insured person.

If you belong to the ‘sandwich generation’ with young children and elderly parents to care for, DPS provides basic financial protection for your family.

• DPS coverage is automatically extended to all Singaporeans and Permanent Residents (PRs) between ages 21 - 60 (65 from 1 April 2021) upon their first CPF working contribution. You may check the status of your DPS coverage through your yearly CPF Statement of Account, or online through my cpf Online Services. Simply login via Singpass and select “My Messages”.
• If you are aged 16 and above and are not offered automatic coverage, you can apply to join DPS through Great Eastern Life directly.

If you are working and have dependants relying on your income, DPS provides affordable basic protection for your family with no out-of-pocket cash required, as DPS premiums can be paid using your CPF savings.

However, you may not require DPS if:

• Your dependants have already grown up and/or are financially independent.
• You have built up enough savings which could be passed on to your dependants directly in times of need.
• You have your own private term or life insurance, which provides enough protection for your dependants.

3 Changes You Need to Know:

1. Great Eastern Life will be the only insurer to administer DPS.
2. The maximum sum assured will increase from $46,000 to $70,000 for members up to age 60.
3. The maximum age of coverage will also increase to cover those above age 60 and up to age 65, for a maximum sum assured of $55,000.

You can use any of the following:

• Cash (paid directly to the insurer), or
• Your savings in your CPF Ordinary Account (OA) and/or Special Account (SA)
• Premiums will be deducted from the OA first, and only from the SA if the balance in your OA is insufficient.

The Child Development Account (CDA) is part of the baby bonus scheme designed to help you defray child-raising costs, such as educational and healthcare expenses at approved institutions

CDA can be used for your child’s medical and education needs (e.g. paying for childcare center or outpatient fees) at the List of Approved Institutions.

• After signing your child up for the CDA, any unused funds from your CDA can be transferred to the Post Secondary Edusave Account (PSEA), an account that is set up for every Singaporean child when they turn 13.
• Note: The PSEA balance earns an interest of 2.5% per annum.
• When your child reach the age of 30, any remaining funds your child have will be transferred to your CPF Ordinary Account (OA) which gives a higher interest rate of up to 3.5% and also can be used for his or her future needs (e.g. housing, education and healthcare).

1. Check your eligibility here to find out if you can open a CDA for your child.
• If eligible, you can sign up using your Singpass.
• Complete the form in the link above and select the bank of your choice - DBS/POSB, UOB and OCBC.
2. The CDA will be opened by the bank you select in a few days with an initial balance of $3,000.
3. You will receive a notification once this has been done. A NETS card will be issued under your child’s name and sent to your registered address. You can then use it to pay for eligible products and services at CDA approved institutions.
4. You can also apply for your baby’s birth registration and baby bonus (including the CDA) via LifeSG. You can download the app on Android and/or iOS.

Your child’s MediSave Account (MA) can be used for his/her future medical expenses (e.g. vaccinations, outpatient treatments) and healthcare insurance premiums (e.g. MediShield Life or Private Integrated Shield Plan premiums).

• If your child is a Singapore Citizen from birth, he or she would have received a $4,000 MediSave Grant for Newborns (MGN) automatically credited into their MediSave.
• You can top up your child’s MediSave Account to provide them a stronger safety net for their future - earning 5% p.a. interest in his/her MA.

See how your regular top-ups in your child’s MA will add up over the years:

The funds in your child’s OA can be used for his/her future housing and education needs.

• Your child will also get an early start in building his or her savings earlier at an interest rate of 2.5% per annum.
• To top up your child’s OA, click here.

Check the interest rates of various CPF accounts here:

• Note: you cannot just choose to top up your child’s CPF OA only - your top-up amount will be allocated to all three CPF accounts including his/her MediSave and Special Accounts.

The Retirement Sum Topping-Up Scheme (RSTU) helps your parents/grandparents grow their retirement savings when you top up their CPF Special Accounts (if they are below age 55) or CPF Retirement Accounts (if they are above age 55).

• Savings accumulated in your parents/grandparents’ CPF Special Accounts (SA) or Retirement Accounts (RA) will be used to provide monthly payouts under the Retirement Sum Scheme, or CPF Life once they reach their Payout Eligibility Age.

1. Your loved ones’ CPF Special Accounts (for those below age 55) or Retirement Accounts (or those aged 55 and above) earn higher interest of up to 6% per annum.
2. By your loved ones’ Payout Eligibility Age, they’ll enjoy higher monthly payouts and/or extended payout durations under the CPF LIFE or Retirement Sum Scheme.
3. If you are making cash top-ups for yourself, you can enjoy tax relief* equivalent to the amount of cash top-ups made, up to $7,000 per calendar year.
4. If you make cash top-ups for your loved ones (such as parents, grandparents, spouse and siblings), you can enjoy additional tax relief* of up to $7,000 per calendar year.

*Terms and conditions apply

Learn how you can contribute to your CPF in this step-by-step guide to topping up your CPF accounts.

MediSave is a CPF member’s personal healthcare savings account. Working members save between 8% to 10.5% (depending on age) of your monthly salary in their MediSave Account. This helps members set aside part of their income for healthcare expenses, especially those incurred during retirement years.

• Your parents would have their own MediSave if they have ever made CPF contributions, or someone in the family has made voluntary top-ups for them before.
• Your parents may have also received further MediSave top-ups under the Pioneer Generation or Merdeka Generation Packages.
• Read more about MediSave, its benefits/uses and other important information here.

MediSave can be used to pay for hospitalisation, day surgery and certain costly outpatient expenses, as well as healthcare needs of your parents in their old age, subject to the respective MediSave withdrawal limits.

MediShield Life, ElderShield and CareShield Life premiums are also fully payable from MediSave.

• The MA allows you to earn risk-free interest of up to 6% per annum
• You can top up your own or your loved one’s MA up to the Basic Healthcare Sum (BHS) limit.

Top up your loved one’s MA via PayNow at e-Cashier using the following steps:

1. Go to my cpf portal
2. Click on “Services”
3. Under “Payments”, click on “e-Cashier”
4. Read the information and click “Proceed”
5. Key in your parent’s NRIC number
6. Select “Member”
7. In the drop-down list for payment type, select “Contribute to my MediSave” (tax deductible)
8. Follow the instructions to complete the application form
9. At the Payment Request page, select “PayNow” as the payment mode and click on “Make Payment” to proceed. A QR code will then be generated.
10. Login to your bank’s mobile app, and scan the QR code generated to make payment.