I have already made a nomination for Dependants’ Protection Scheme prior to 1 April 2021. Do I need to make a new nomination after 1 April 2021?
From 1 April 2021, Dependants’ Protection Scheme (DPS) is solely administered by Great Eastern Life.
If your DPS policy was under NTUC Income, it has been automatically transferred to Great Eastern Life. As the DPS policies with NTUC Income has ceased after 31 March 2021, nominations of DPS policies previously made under NTUC Income is no longer valid. As such, if you had previously made a nomination under NTUC Income, under the Insurance Act, you will be required to make a new nomination. Your new insurer, Great Eastern Life, would have sent out the nomination forms to you.
If your DPS policy is under Great Eastern Life and you had made a nomination previously, there is no need for you to submit a new nomination, unless you wish to nominate new beneficiaries.
Please note that DPS claim benefits do not form part of CPF savings and will not be distributed based on your CPF Nomination.