benefits of death posted on Sunday, February 26, 2006
FIFTEEN people continued to pay for their insurance premiums from their graves.
By Tan Mae Lynn
FIFTEEN people continued to pay for their insurance premiums from their graves.
Yes, the premiums for their Dependants' Protection Scheme (DPS) continued to be deducted from their CPF accounts even though they were already dead.
This startling fact was revealed in the 5 Jul Auditor-General's report.
In total, the CPF Board collected $2,996 from them. It continued the deductions as it didn't know they were dead. So, the insurance claims due to their families were not paid out either.
There were 201 others, too, whose claims were not paid by the CPF Board.
The report revealed that the insurance claims of 216 people, amounting to $7.4 million, were not given to their next-of-kin.
The policies include DPS and the Home Protection Scheme (HPS).
What's more, half of the 216 people had died more than two years ago, including 43 who died more than eight years ago.
Singaporeans who use their CPF funds to pay for their HDB housing loans have to be insured under HPS, provided they are in good health.
The scheme helps their families pay off any outstanding loan on the flat should they die before the age of 65 or if they become permanently incapacitated physically or mentally.
Under DPS, a CPF member's family can receive up to $44,000 in insurance claim if he or she dies or become physically or mentally disabled.
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19 July 2005, The Electric NewPaper
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The NKF's finances won't be the only thing under scrutiny in Parliament, starting today. Overshadowed, but not forgotten, the Auditor-General's 2004-05 report has also caused concern
FIFTEEN people continued to pay for their insurance premiums from their graves.
By Tan Mae Lynn
FIFTEEN people continued to pay for their insurance premiums from their graves.
Yes, the premiums for their Dependants' Protection Scheme (DPS) continued to be deducted from their CPF accounts even though they were already dead.
This startling fact was revealed in the 5 Jul Auditor-General's report.
In total, the CPF Board collected $2,996 from them. It continued the deductions as it didn't know they were dead. So, the insurance claims due to their families were not paid out either.
There were 201 others, too, whose claims were not paid by the CPF Board.
The report revealed that the insurance claims of 216 people, amounting to $7.4 million, were not given to their next-of-kin.
The policies include DPS and the Home Protection Scheme (HPS).
What's more, half of the 216 people had died more than two years ago, including 43 who died more than eight years ago.
Singaporeans who use their CPF funds to pay for their HDB housing loans have to be insured under HPS, provided they are in good health.
The scheme helps their families pay off any outstanding loan on the flat should they die before the age of 65 or if they become permanently incapacitated physically or mentally.
Under DPS, a CPF member's family can receive up to $44,000 in insurance claim if he or she dies or become physically or mentally disabled.
-
19 July 2005, The Electric NewPaper
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