Central Provident Fund Act 1953 · 2020 Revised Edition · Part 5 · Dependants’ Protection Insurance Scheme
45. Premium
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Every insured person must pay a premium of an amount prescribed by regulations made under this Part.
insured person
“insured person” means a person who is insured under the Scheme;
Despite anything in this Act but subject to subsection (4), the Board is entitled to deduct the whole or any part of a premium payable by an insured person from the moneys standing to the credit of the insured person in any of his or her accounts in the Fund.
Board
“Board” means the Central Provident Fund Board constituted under section 3;
For the purposes of subsection (2), the deduction may be made from different accounts in the Fund for different classes of members or a particular member.
Where, by virtue of section 49A, the insurance cover of an insured person under the Scheme is being provided by an appointed insurer, the Board must pay the amount of the premium deducted under subsection (2) to that appointed insurer.
Scheme
“Scheme” means the Lifelong Income Scheme established and maintained by the Board under section 27K.
Where any premium payable by an insured person under the Scheme is not paid in the manner or within the time prescribed by regulations made under section 51, either or both of the following apply:
the Board or appointed insurer may deduct the unpaid amount (in whole or in part) from any payment for an insured sum that the Board or appointed insurer (as the case may be) may make under the Scheme under section 49;
the unpaid amount (in whole or in part) may be paid in such other manner and within such time as the Board may allow.