Singapore legislation
Regulation 4
of Central Provident Fund (Dependants’ Protection Insurance Scheme) Regulations 2005
Regulation 4
Premium
Subregulation 1
Subject to paragraph (4), the premium for an insurance cover under the Scheme which commences or is renewed on or after 1 April 2021 is the applicable premium specified in the First Schedule.
Subregulation 2
The premium mentioned in paragraph (1) may be paid —
by a deduction by the Board from the moneys standing to the credit of the insured person in any of the relevant CPF accounts; or
by payment otherwise directly to the appointed insurer.
Subregulation 3
If any premium payable for the renewal of an insured person’s insurance cover under the Scheme has not been fully paid in the manner described in paragraph (2) by the date on which the insurance cover is to be renewed, the unpaid amount may be deducted or paid (as the case may be) in accordance with section 45(4) of the Act within the grace period.
Subregulation 4
The Board may determine a reduced premium for the insurance cover in accordance with paragraph 1 of the Second Schedule and deduct the reduced premium from the moneys standing to the credit of the insured person in any of the relevant CPF accounts, where —
the premium mentioned in paragraph (1) has not been fully paid in accordance with paragraph (2) and (if applicable) section 45(4) of the Act; and
the amount available to be deducted from the moneys standing to the credit of the insured person in any of the relevant CPF accounts for the payment of the premium for insurance cover under the Scheme is at least the premium payable for an insured sum of $5,000.