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How is the Home Protection Scheme premium calculated?

Home Protection Scheme charges a level premium rate (i.e. same amount annually throughout the policy term),  calculated based on the following factors:

  • Outstanding housing loan on the flat*
  • Loan repayment period
  • Type of loan (concessionary or market rate)
  • Age and gender
  • Percentage share of cover

*The computation of the level premium takes into account the monthly reduction in the housing loan.

Premiums are generally higher for higher share of coverage, larger loan amounts or longer repayment periods. The premiums would be lower for younger persons and females, due to lower mortality risk.