In forceAmended2020 Revised Edition

Contents

Central Provident Fund Act 1953 · 2020 Revised Edition · Part 4 · Home Protection Insurance Scheme

29. Establishment of Home Protection Insurance Scheme

Amended

Last amended by an amending law of 2023. 3 amendments in all.

(1)

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.

(2)

Subject to section 31, the Scheme applies to every member who has withdrawn moneys standing to the member’s credit in the Fund to repay any instalment of housing loan taken by the member from a Housing Authority or an approved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

(3)

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.

(4)

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

(4A)

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

(5)

The Scheme does not apply to —

(a)

any member if he or she is 65 years of age or above or such other age as the Minister may prescribe at the time the member is required to join the Scheme; (aa)any member who is not a citizen or permanent resident of Singapore at the time the member is required to join the Scheme; and

(b)

any member or class of members whom the Minister may, by notification in the Gazette, specify.

(5A)

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.

(6)

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.

(7)

The Board may, subject to such terms, conditions and restrictions as the Board may impose, 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.

(8)

Where the Board is satisfied that a member of the Scheme is not a citizen or permanent resident of Singapore, the member’s cover under the Scheme is deemed to be terminated at the time prescribed by regulations made under section 39.

(9)

The time prescribed for the termination under subsection (8) may differ for different classes of members.

Terms defined in this Act

approved mortgagee
Defined · s 28
“approved mortgagee” means a mortgagee approved by the Minister by notification in the Gazette;
Open s 28
Board
Defined · s 2
“Board” means the Central Provident Fund Board constituted under section 3;
Open s 2
Fund
Defined · s 2
“Fund” means the Central Provident Fund established under section 6;
Open s 2
Housing Authority
Defined · s 2
“Housing Authority” means any of the following:(a)the Housing and Development Board;(b)the Jurong Town Corporation established by section 3 of the Jurong Town Corporation Act 1968;(c)the Minister for Finance incorporated under the Minister for Finance (Incorporation) Act 1959;(d)the Housing and Urban Development Company Private Limited, a company incorporated under the Companies Act 1967;
Open s 2
immovable property
Defined · s 2
“immovable property” includes —(a)any estate or interest in land comprising a building or flat which is erected or to be erected on the land;(b)any undivided share in any estate or interest in land comprising several flats erected or to be erected thereon;
Open s 2
insured sum
Defined · s 28
“insured sum” means the sum prescribed in regulations made under this Part which is payable on the death or incapacity of a Scheme member;
Open s 28
member
Defined · s 2
“member of the Fund” or “member” means any person to whose credit any amount is standing in the Fund, or for whom any account in the Fund is maintained for any of the purposes of this Act;
Open s 2
member of the Fund
Defined · s 2
“member of the Fund” or “member” means any person to whose credit any amount is standing in the Fund, or for whom any account in the Fund is maintained for any of the purposes of this Act;
Open s 2
member of the Scheme
Defined · s 28
“member of the Scheme” or “Scheme member” means a person who is insured under the Scheme;
Open s 28
permanent resident of Singapore
Defined · s 2
“permanent resident” or “permanent resident of Singapore” means a permanent resident of Singapore as defined by section 2 of the Immigration Act 1959;
Open s 2
Scheme
Defined · s 27J
“Scheme” means the Lifelong Income Scheme established and maintained by the Board under section 27K.
Open s 27J
Scheme member
Defined · s 28
“member of the Scheme” or “Scheme member” means a person who is insured under the Scheme;
Open s 28