Who is entitled to the Dependants’ Protection Scheme (DPS) death claim benefits?
"Dependants’ Protection Scheme (DPS) is a term life insurance scheme that provides basic financial protection for you and your family in the event of death, terminal illness or total permanent disability. DPS is solely administered by Great Eastern Life.
DPS coverage is automatically extended to you upon your first CPF working contribution if you're a Singapore Citizen (SC) or Permanent Resident (PR) between age 21 and 65."
Source: Dependants’ Protection Scheme, Central Provident Fund (CPF) Board website
If a revocable nomination is done, the monies are to be distributed as per the nomination. If a Will is done, then the monies are to be distributed as per the Will. If no nomination or Will is done, then the monies are to be distributed as per Singapore's Intestate Succession Act. Please note that your CPF nomination has NO bearing on who the DPS death claim benefits are supposed to be paid to.
Specifically on getArrange.com's Will writing platform, we have a clause stating that all interest, benefits and net proceeds of all insurance policies shall be distributed to the person(s) nominated in the said policies REGARDLESS whether the nominations were made earlier or later. Find out why
For more information on the DPS, feel free to check out CPF Board or Great Eastern Life website on DPS.