Section 29

The Board is authorised to establish and maintain a Home Protection Insurance Scheme to provide for an insured sum to be paid in respect of any person who is a Scheme member, in accordance with the provisions of this Part, on the person’s death or incapacity at any time during the period in which the person is insured under the Scheme.

Subject to section 31, the Scheme applies to every member who has withdrawn moneys standing to the member’s credit in the Fund to repay any instalment of housing loan taken by the member from a Housing Authority or an approved mortgagee for the purchase of any immovable property from a Housing Authority.

The Board may permit any person who has purchased from a Housing Authority an immovable property jointly with a member of the Fund to join the Scheme subject to such term, condition and restriction as the Board may impose.

The Board may, on the application being made to it by a member, exempt the member from the Scheme.

Any exemption by the Board under subsection (4) is subject to such terms and conditions as the Minister may prescribe.

The Scheme does not apply to —

Despite subsection (5), the Scheme does not apply to any member who is 60 years of age or above but below 65 years of age on 1 March 2001 unless that member opts, in such manner as the Board may determine, to join the Scheme.

Any person who became a member of the Scheme prior to 1 March 1988 continues to be a member of the Scheme subject to the same term, condition and restriction which were in force before that date.

The Board may issue to a member a cover under the Scheme, or cancel, terminate or reinstate a member’s cover under the Scheme in such circumstances as may be prescribed by regulations made under this Part.