Singapore legislation
Clause 5
Clause 5
Repeal and re-enactment of sections 27, 28 and 29
Sections 27, 28 and 29 of the principal Act are repealed and the following sections substituted therefor:“Premium when due27.—
Any premium required to be paid by a member of the Scheme shall become payable —
in any case where the loan document or the instrument of mortgage of the immovable property purchased by the member of the Scheme has been executed before the appointed day, two months after that day;
in any case where the loan document or the instrument of the mortgage of the immovable property purchased by the member of the Scheme has been executed on or after the appointed day, on the date of the commencement of the housing loan or the date of the possession of the immovable property by the member of the Scheme, whichever is the earlier; or
in any case where any money standing to the credit of the account of a member of the Fund has been withdrawn for the repayment of instalments of housing loan taken by the member for the purchase of an immovable property at any time after the date of the execution of the loan document or instrument of mortgage, on the date of such withdrawal.(2) In this section —“appointed day” means 1st November 1981;“loan document” means any agreement or other document evidencing a loan granted by the Housing Authority or approved mortgagee to a member of the Scheme for the purchase of an immovable property.Period of cover
28. Where the prescribed premium payable under the Scheme has been paid by or deducted from a member’s contributions standing to his credit in the Fund, the member or person in respect of whom the premium has been paid (referred to hereinafter as the insured) shall be covered under the Scheme —
in any case where the date the housing loan is repaid or the mortgage of the immovable property is discharged falls on or before the date the insured attains the age of 55 years, from the date the premium is paid or deducted to the date the housing loan is repaid or mortgage is discharged; or
in any case where the date the housing loan is repaid or the mortgage of the immovable property is discharged falls after the date the insured attains the age of 55 years, from the date the premium is paid or deducted to the same date in the period of 12 months immediately after he attains the age of 55 years.Amount payable by Board to Housing Authority or the approved mortgagee on death or incapacity of a member of the Scheme29.—
Where a member of the Scheme dies at any time during the period he is insured under the Scheme, the Board shall, upon proof of death, forthwith pay to the Housing Authority or the approved mortgagee such an amount as is prescribed under regulations made under this Part.(2) Where there is a claim made to the Board by a member of the Scheme on the ground of incapacity at any time during the period he is insured under the Scheme, the Board shall upon proof of incapacity pay to the Housing Authority or approved mortgagee, as the case may be, the monthly or other periodic loan instalments which the member of the Scheme is liable to pay to the Housing Authority or approved mortgagee under the housing loan for a period not exceeding two years. The outstanding housing loan shall only be discharged by the Board if the incapacity of the member of the Scheme is in the opinion of the Board likely to continue for more than two years.(3) If the prescribed premium which a member of the Scheme is liable to pay under the Scheme has not been fully paid or deducted from the contributions standing to his credit in the Fund at the time of his death or incapacity, the amount payable by the Board under subsection (1) shall be such an amount as is prescribed under regulations made under this Part in accordance with the amount of premium actually paid by the member or deducted from his contributions in the Fund at the time of his death or incapacity, as the case may be.(4) The amount payable by the Board to the Housing Authority or the approved mortgagee under this section on the death or incapacity of a member of the Scheme shall in no case exceed the amount which is necessary to repay the outstanding amount of any loan and interest accruing thereon in order to secure the discharge of the mortgage of the immovable property at the time of such death or incapacity.(5) The Board shall not be required to make any payment in respect of any member of the Scheme if the death or incapacity of that member occurs within one year from the date he is insured under the Scheme, if —
the death is the result of suicide; or
the incapacity is the result of deliberate self-injury.(6) The Board shall not be required to make any payment in respect of any member of the Scheme if he —
makes or furnishes to the Board any statement or fact that is false or misleading in a material particular; or
fails to disclose to the Board any material fact or circumstance known to him at the time he is required to be insured under the Scheme which might influence the Board as to whether he should be insured under the Scheme.”.