Central Provident Fund Act 1953 · 2020 Revised Edition · Part 4 · Home Protection Insurance Scheme
30. Double insurance cover under Scheme prohibited
Feedback & supportLast amended by an amending law of 2012.
No person is to be insured under the Scheme for more than one immovable property at the same time.
Scheme
“Scheme” means the Lifelong Income Scheme established and maintained by the Board under section 27K.
Where a member who is insured under the Scheme in respect of any immovable property purchases another immovable property from a Housing Authority, the member, despite anything in this Act or in regulations made under this Part, ceases to be covered under the Scheme in respect of the firstmentioned immovable property immediately upon the commencement of cover under the Scheme in respect of the second‑mentioned immovable property.
member
“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;
Where a member’s cover under the Scheme in respect of any immovable property ceases by virtue of subsection (2), the Board must refund to the member or pay to such other person as may be prescribed by regulations made under this Part, subject to such terms and conditions as the Board may impose and in such manner as may be prescribed by those regulations, an amount representing the surrender value of that cover or the unexpired portion of that cover (if any) calculated in accordance with those regulations as if the member had redeemed the housing loan on that property on the date of the cessation of that cover.
immovable property
“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;
Where before 1 August 1998 a member is insured under the Scheme in respect of 2 immovable properties at the same time —
the member’s cover under the Scheme in respect of the immovable property purchased by the member earlier (called in this subsection the earlier property) ceases on that date; and
the Board must refund to the member or pay to such other person as may be prescribed by regulations made under this Part, subject to such terms and conditions as the Board may impose and in such manner as may be prescribed by those regulations, an amount representing the surrender value of that cover (if any) calculated in accordance with those regulations as if the member had redeemed the housing loan on the earlier property on that date.