It is a type of term life insurance: you pay a premium for a period of time (up to 65 years old) and if you pass on during that period, a cash benefit is paid to your family or other named beneficiaries.
You might have received a letter informing you that your plan has been activated after receiving your first paycheck.
That's because you are automatically enrolled if you:
- are a Singapore Citizen/PR
- are between age 21 and 65
- made your first CPF contribution
From 1 April 2021, Great Eastern Life became the sole provider of DPS. So if you have a dedicated agent already, you can request for your policy to be managed by them.
