Singapore legislation
Regulation 17
of Central Provident Fund (Dependants’ Protection Insurance Scheme) Regulations 2005
Regulation 17
Discretionary bonus
Subregulation 1
An insured person may, at the discretion of the Board, be granted a bonus insured sum in addition to the insured sum to which the insured person is entitled under the Scheme if —
he or she is insured under the Scheme as at 28 June 2003; or
he or she was insured under the Scheme as at 29 March 2003 but his or her insurance cover has expired by virtue of regulation 9(2) as in force immediately before 1 April 2021, within a period of 3 months immediately after 29 March 2003.
Subregulation 2
An insured person may, at the discretion of the Board, in addition to any bonus insured sum which the insured person may have been granted under paragraph (1), be granted a bonus insured sum if the insured person was insured under the Scheme as at such date as the Board may determine.
Subregulation 3
Where an insured person is granted a bonus insured sum under paragraph (1)(b), the Board may allow the insured person to be insured under the Scheme again with effect from such date as the Board may determine.
Subregulation 4
No bonus insured sum under paragraph (1) or (2) is payable to an insured person for any period of insurance cover on or after 1 April 2021.
Subregulation 5
Where —
an insured person’s death or incapacity occurred (or was deemed to have occurred) before 1 April 2021; and
a claim is made in respect of the insured person mentioned in sub‑paragraph (a) on or after 1 April 2021,the amount of the bonus insured sum which is granted in respect of that person under paragraph (1) or (2) is to be reduced by the amount paid or payable to the person under paragraph (6), if any.
Subregulation 6
Subject to any terms and conditions that the Board may impose, the Board may pay to an eligible person the following amounts on account of the discontinuance of the bonus insured sum under paragraph (4):
the eligible person’s share computed in the manner specified by the Board;
the whole or any part, as the Board may determine, of the interest that would have been payable on the eligible person’s share if that share had been standing to the credit of the eligible person in his or her ordinary account throughout the payment period.
Subregulation 7
The payment under paragraph (6) must be credited into the eligible person’s ordinary account.
Subregulation 8
In this regulation —
Definition
“eligible person” means an insured person who is insured under the Scheme without any break in the insurance cover before 17 September 2005 until on or after 1 April 2021, but excludes any insured person —
who is not a citizen or permanent resident of Singapore on 31 March 2021;
whom the Board has been notified has died before 1 April 2021; or
in respect of whom a claim has been made under the Scheme before 1 April 2021 and the Board or the appointed insurer with whom the insured person was insured has determined that a bonus insured sum under paragraph (1) or (2) is payable in respect of the claim, whether or not the bonus insured sum has been paid to the insured person;
Definition
“payment period”, in relation to the interest payable on an eligible person’s share, means the period between 1 April 2021 and the date on which the Board credits the eligible person’s share into his or her ordinary account (both dates inclusive).