The HDB Home Protection Plan (HPS) is a mandatory home finance loan-lessening insurance program administered by the CPF Board, meant to defend HDB flat proprietors as well as their families from dropping their home really should they grow to be struggling to services their housing financial loan as a result of Demise or a total long-lasting incapacity ahead of the age of sixty five. The plan is Obligatory for flat proprietors who use their CPF personal savings to pay for their every month bank loan installments. HPS rates are paid on a yearly basis from your policyholder's CPF Everyday Account, Using the Expense based on components such as age, gender, bank loan total, and repayment period. The plan's coverage sum is pegged to your excellent housing bank loan, and it decreases over time because the bank loan is paid click here out down. Homeowners who would like to be exempted from HPS can make an application for a waiver by demonstrating they have got enough coverage from other resources, which include A personal everyday living insurance coverage or an endowment policy.