Scheduled maintenance: Long-term care insurance information on Healthcare Dashboard is unavailable from 26 April 2024, 8pm to 28 April 2024, 11.30pm for upgrades.

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How can I be granted an exemption from the Home Protection Scheme?

Home Protection Scheme (HPS) exemption can only be granted if the applicant has appropriate, in-force private insurance policies that are sufficient to cover the outstanding housing loan (till end of the loan term) in the event of the applicant's death, terminal illness or total permanent disability, or age 65, whichever is earlier.

The types of life insurance policies (both traditional and investment-linked) that are acceptable for HPS exemption are:
 
  • Whole Life
  • Term Life
  • Endowments
  • Life Riders (must be attached to a basic policy), and
  • Mortgage Reducing Term Assurance (MRTA) / Decreasing Term Rider

The types of policies that are NOT acceptable for HPS exemption are:

  • Policies that are assigned or pledged as collateral
  • Policies under Section 73 of the Conveyancing Law And Property Act (Cap 61) or under irrevocable nomination/trust arrangement
  • Policies with loans attached
  • Non-life insurance policies, such as business insurance policies, legacy insurance policies, health insurance policies or general insurance policies (e.g. personal accidental, fire or home contents policies)
  • Policies that are priced in foreign currencies
  • Policies from insurance companies that are not licensed by the Monetary Authority of Singapore, and 
  • Group policies that are not portable.