949,000 CPF members under HPS to receive premium rebates in Nov

SINGAPORE — About 949,000 CPF members under the Home Protection Scheme (HPS) will have premium rebates credited to their CPF Ordinary Accounts in November this year.

The Central Provident Fund Board said today (Aug 5) that CPF members who are covered under the HPS from July 1, 2006, will receive these rebates. About half of those eligible will receive S$400 or more.

The rebates arose from better-than-expected investment returns and lower-than-projected claims, the Board added.

Eligible CPF members can log in to the CPF website with their SingPass from the second half of November this year to check their rebate amount. The amount will also be reflected in their CPF Statement of Account which they will be sent in January next year.

This is the fifth time HPS premium rebates have been given out. The last time this was done was in 2006.

HPS is a mortgage-reducing insurance that protects CPF members and their families from losing their homes in the event of death or permanent incapacity of the insured member before the housing loans for their HDB flats are fully paid up.

In 2006 and 2012, HPS premiums were lowered following regular reviews to keep it affordable and competitive for CPF members.

CPF members who use their CPF savings to pay for the monthly housing loan instalments of their HDB flats must be insured under HPS. Those who do not use their CPF savings can opt to be protected under HPS.