I recently received a letter from NTUC Income informing me that as I had turned 60, my Dependants' Protection Scheme (DPS) had been terminated.
I am certain that I am not the only Singaporean over the age of 60 who still has dependants, be it a spouse, children who are still studying or aged parents.
The retirement age in Singapore is 62 and many people continue to be employed after that out of necessity.
Why then does the DPS end two years before the retirement age and five years before the CPF draw-down age?
This is not free insurance after all; premiums are deducted from our CPF accounts.
If actuarial charts indicate there is a higher risk, then premiums could indeed be raised to cover this.
However, I believe individuals should have the choice to continue until the age of 65, and encourage a review of this policy.
Janet Ruth Sosna (Madam)