Singapore legislation
Regulation 18
of Central Provident Fund (Dependants’ Protection Insurance Scheme) Regulations 2005
Regulation 18
Insured person with remaining insured sum
Subregulation 1
This regulation applies to an insured person who remained insured under the Scheme (under regulation 7(9) as in force immediately before 1 April 2021) for an insured sum remaining unpaid at the date from which the insured person was no longer incapacitated (called in this regulation the person’s remaining insured sum) and continues to be so insured immediately before 1 April 2021.
Subregulation 2
Despite regulation 5, where the insurance cover under the Scheme of an insured person mentioned in paragraph (1) (called in this regulation the applicable person) was renewed on or after 2 April 2020 but before 1 April 2021, the insured sum payable on the applicable person’s death or incapacity (or deemed death or incapacity) on or after 1 April 2021 during the period of the insurance cover is the amount (rounded up to the nearest $1,000) calculated in accordance with the formulawhere —
A is the applicable person’s remaining insured sum immediately before 1 April 2021; and
M is the maximum insured sum specified in the Third Schedule that applies to an insured person of the same age as the applicable person.
Subregulation 3
Despite regulation 4(1), the premium for an applicable person’s insurance cover under the Scheme for an insured sum of the amount under paragraph (2) which is renewed on or after 1 April 2021 is an amount computed in accordance with the formulawhere —
S is the insured sum for the applicable person’s insurance cover under paragraph (2);
M has the meaning given by paragraph (2)(b); and
P is the premium specified in the First Schedule payable in respect of the maximum insured sum by an insured person of the same age as the applicable person.
Subregulation 4
Regulations 4(2), (3) and (4) and 9(3) and (4)(b) and (c) apply in relation to an applicable person’s insurance cover under the Scheme as if each reference to the premium mentioned in regulation 4(1) is a reference to the premium mentioned in paragraph (3).
Subregulation 5
Paragraph 1 of the Second Schedule applies in relation to the computation of the reduced premium for an applicable person’s insurance cover under the Scheme as if M and P in that Schedule have the meanings given by paragraph (3)(b) and (c), respectively.