Sunday, March 4, 2007

Confusion over Eldershield, DPS and Shield Plans

Shield Plans are important.

Some of you may be confused with so many Shields and worst, mixed up with Eldershield and DPS all lump into one and cannot differentiate them, only knowing some go to Great Eastern and some to Ntuc Income.

I can understand the confusion, but it is quite tedious to write to differentiate them for you as it may then become even more confusing, but let me try.

1. Eldershield - ElderShield is an insurance scheme introduced by the Ministry of Health (MOH) to provide financial help to those who are unable to take care of themselves because of severe disabilities.

2. DPS - Dependant's Protection Scheme
DPS is a low cost term-life, opt-out insurance scheme that provides a basic coverage of up to $46,000. It aims to provide the insured and their families with some money to tide them over the first few years in the event of death or permanent incapacity.

Click on above hyperlink to read in more details on the Eldershield and DPS.

I shall write about the Incomeshield in the next topic later.

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