Dependants' Protection Scheme (DPS)

I couldn't figure the name initially. But i figure the purpose of this is to protect your dependants from any financial trauma upon your permanant incapacitation or death.

An extract from the CPF board's website:

The Dependants’ Protection Scheme (DPS) is an affordable term insurance scheme that provides insured members and their families with some money to get through the first few years should the insured members become permanently incapacitated or pass away.
Currently, DPS is administered by two insurers, Great Eastern Life and NTUC Income. The scheme is extended to CPF members who are Singapore citizens or Permanent Residents, between age 16 and 60, when they make their first CPF contribution.
DPS is an optional term insurance which covers CPF members for a maximum sum assured of $46,000 up to age 60. The coverage is worldwide. The DPS benefit will be paid out if the insured member passes away or becomes permanently incapacitated such that he or she can no longer work.

If you bother looking at your CPF statement and see an annual deduction of $36, then you are insured. This amount is paid out in instalments in the case of incapacitation (certified by a doctor that you won't be able to work anymore), or a lump sum to your nominee upon your death.

Just a nugget of information that i learnt today. cool huh?