The HDB Residence Protection Plan (HPS) is a compulsory house loan-reducing insurance policy method administered through the CPF Board, meant to shield HDB flat entrepreneurs as well as their people from getting rid of their home ought to they turn into unable to provider their housing personal loan as a consequence of Dying or a total long lasting incapacity prior to the age of 65. The scheme is compulsory for flat proprietors who use their CPF financial website savings to pay for for their month-to-month personal loan installments. HPS premiums are paid out yearly from your policyholder's CPF Normal Account, While using the Value determined by things for example age, gender, bank loan amount of money, and repayment period. The policy's coverage quantity is pegged on the outstanding housing mortgage, and it decreases after a while given that the loan is paid down. House owners who need to be exempted from HPS can apply for a waiver by demonstrating they have got adequate coverage from other resources, for instance A non-public daily life insurance coverage or an endowment coverage.