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Home Protection Scheme

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

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

The acceptable types of insurance policies (both traditional and investment-linked) are:

  • Whole Life
  • Term Life
  • Endowments
  • Life Riders (must be attached to a basic policy)
  • Mortgage Reducing Term Assurance (MRTA) / Decreasing Term Rider

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;
  • Key-man insurance policies, partnership insurance policies, sole-proprietor insurance policies or any other business insurance policies;
  • Policies that are legacies to any persons or organisations;
  • Policies in foreign currencies;
  • Policies from insurance companies not registered in Singapore;
  • Group policies;
  • Health and general insurance policies; e.g. accident, fire or home content policies

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