The HDB House Defense Plan (HPS) is a mandatory house loan-lessening insurance policy software administered because of the CPF Board, intended to defend HDB flat homeowners as well as their households from getting rid of their household must they turn out to be not able to support their housing personal loan resulting from death or a total lasting incapacity ahead of the age of sixty five. The plan is Obligatory for flat owners who use their CPF personal savings to pay for for their every month loan installments. HPS premiums are compensated annually through the policyholder's CPF Ordinary Account, Using the Expense determined by elements like age, gender, mortgage volume, and repayment time period. The policy's coverage sum is get more info pegged into the excellent housing personal loan, and it decreases eventually because the financial loan is compensated down. Owners who want to be exempted from HPS can make an application for a waiver by demonstrating they have got adequate coverage from other sources, for instance A non-public lifetime insurance or an endowment plan.