According to this webpage, CPF has appointed Great Eastern Life to be the sole insurer for the CPF Dependent Protection Scheme. An enhanced DPS scheme will take effect from 1 April 2021.
The coverage has increased from $46,000 to $70,000. The premium has reduced considerably. For a person 34 and below, the premium is $18 for a coverage of $70,000. A similar coverage from a private insurance company would probably cost $40 to $70 a year.
More details can be found in this webpage:
The DPS coverage is not compulsory. A person can opt out of this plan if they wish to. However, in view of the low coverage, it is better for a person to stay covered under this plan.
More details can be found here.
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