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18-09-2013, 03:00 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
http://tankinlian.blogspot.sg/
Quote:
Dependent Protection Insurance Scheme (DPIS)
There was a letter in the Straits Times that the insurance company rejected a permanent disability claim from an insured person who was paralyzed from the waist down. The insurer claimed that his person could do sedentary work and does not qualify for a claim.
I checked the definition of the cover from the CPF website and found the following:
This Dependent Protection Insurance scheme provides CPF members and their families with some money to tide them over the initial years should the insured members become physically/mentally incapacitated or die.
The website further states: The member becomes physically/mentally incapacitated and can no longer work as certified by a doctor. The scheme does not provide any further guidance to the doctor how to certify that the member "can no longer work".
The DPIS scheme has been in existence for more than 30 years. It is unsatisfactory that there is no clearer definition about what incapacity meant. There must be many actual cases in the past that could be used to provide guidance on how to deal with some specific cases.
I just got a statement that $100+ has been deducted from my Medisave for DPIS. ...After collecting so much premiums from my CPF Medisave (strangely after I became self-employed, they still deduct), nobody bother to give a clear definition of "incapacity".
In recent cases, one woman who because paralysed from waist down and unable to sit for long ...and another who had massive stroke and not even able to do basic things like dress herself and bathe herself were both rejected when it comes to claims. These people were unable to work yet rejected.
This insurance only pays $46K if something happens to me. But the criteria for payout is unclear...and even an expert like Tan Kin Lian couldn't make out the terms and conditions of the policy.
The issues are these:
1. Is this policy excessively profitable for the insurance company? Since it is recommended by govt and CPF Board itself, can the premiums vs payout be made known to the public?
2. This policy is for below 60 when the morality rate is much lower so the insurer's risk is kept down.
Click here to view the whole thread at www.sammyboy.com (http://singsupplies.com/showthread.php?163466-TKL-DPIS-definition-of-quot-incapacity-quot-not-clear!&goto=newpost).
http://tankinlian.blogspot.sg/
Quote:
Dependent Protection Insurance Scheme (DPIS)
There was a letter in the Straits Times that the insurance company rejected a permanent disability claim from an insured person who was paralyzed from the waist down. The insurer claimed that his person could do sedentary work and does not qualify for a claim.
I checked the definition of the cover from the CPF website and found the following:
This Dependent Protection Insurance scheme provides CPF members and their families with some money to tide them over the initial years should the insured members become physically/mentally incapacitated or die.
The website further states: The member becomes physically/mentally incapacitated and can no longer work as certified by a doctor. The scheme does not provide any further guidance to the doctor how to certify that the member "can no longer work".
The DPIS scheme has been in existence for more than 30 years. It is unsatisfactory that there is no clearer definition about what incapacity meant. There must be many actual cases in the past that could be used to provide guidance on how to deal with some specific cases.
I just got a statement that $100+ has been deducted from my Medisave for DPIS. ...After collecting so much premiums from my CPF Medisave (strangely after I became self-employed, they still deduct), nobody bother to give a clear definition of "incapacity".
In recent cases, one woman who because paralysed from waist down and unable to sit for long ...and another who had massive stroke and not even able to do basic things like dress herself and bathe herself were both rejected when it comes to claims. These people were unable to work yet rejected.
This insurance only pays $46K if something happens to me. But the criteria for payout is unclear...and even an expert like Tan Kin Lian couldn't make out the terms and conditions of the policy.
The issues are these:
1. Is this policy excessively profitable for the insurance company? Since it is recommended by govt and CPF Board itself, can the premiums vs payout be made known to the public?
2. This policy is for below 60 when the morality rate is much lower so the insurer's risk is kept down.
Click here to view the whole thread at www.sammyboy.com (http://singsupplies.com/showthread.php?163466-TKL-DPIS-definition-of-quot-incapacity-quot-not-clear!&goto=newpost).