Almost 950,000 CPF members under Home Protection Scheme to get premium rebates

 About 949,000 Central Provident Fund (CPF) members who are covered under the Home Protection Scheme (HPS) from Jul 1, 2006, will receive premium rebates in November this year, CPF Board said in a news release on Wednesday (Aug 5).

According to the Board, about half of the eligible members will receive S$400 or more, following better-than-expected investment returns and lower than projected claims experience. This is the fifth time HPS has distributed premium rebates to its members. The last exercise was carried out in 2006, it said.

HPS is a mortgage-reducing insurance that protects CPF members and their families against losing their homes, in the event of death or permanent incapacity of the insured member before the housing loans for their HDB flats are paid up. HPS premiums are regularly reviewed and were lowered in 2006 and 2012.

To check on the rebate amount, eligible members may log in with the SingPass accounts at the CPF website from the second half of November. The rebate amount will also be reflected in the CPF Statement of Account which members will receive in January next year, the Board added.