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6 Must-Know Benefits for Singapore Citizens and Permanent Residents [2024 Latest Version]

Congratulations to you if you are a new Singapore citizen or permanent resident!

If you are considering to apply for one, you may explore these benefits before making informed decision. Here are 6 benefits you must know as a Singapore citizen or permanent resident.

1. CPF Life (Central Provident Fund Life)

  • Provides lifelong monthly payouts to ensure a stable income during retirement from age 65.
  • If you’re at least 3 months away from the payout eligibility age of 65, you can choose to start or defer the payout.
  • 3 types of monthly payout plans:
    1. Escalating Plan: Monthly payouts start lower initially but grow by 2% a year for life, helping you maintain your lifestyle even as prices increase.
    2. Standard Plan: Offers a steady monthly payout within a fixed budget.
    3. Basic Plan: Monthly payouts start low and reduce when your CPF balances fall below $60,000.

 

2. Medisave

  • Helps you save for your own or your dependents’ medical expenses, including hospital stays and certain outpatient treatments.
  • Can be used to upgrade your MediShield Life (basic hospitalisation insurance plan) and CareShield Life (long-term care insurance plan).
  • Medisave account will be distributed in cash to your CPF nominee(s) after you pass away.

 

3. MediShield Life

  • Offers coverage for large hospital bills and selected outpatient treatments, reducing your out-of-pocket costs.
  • Automatically covers CPF members regardless of age or health status, with a $150,000 annual limit for medical expenses in B2 or C-class wards.
  • The MediShield Life component of your Integrated Shield Plan (complete hospitalisation plan with private insurer) is fully payable by Medisave.
  • The additional private insurance component is also payable by Medisave, but only up to the following Additional Withdrawal Limits:
    • $300 per year for those aged 40 years and below on their next birthday
    • $600 per year for those aged 41 to 70 years on their next birthday
    • $900 per year for those aged 71 years and above on their next birthday
    • Any excess amount needs to be paid in cash.

 

4. CareShield Life

  • Provides financial support (monthly payout to you) if you cannot perform 3 out of 6 Activities of Daily Living (ADLs).
  • 6 ADLs: Bathing, toileting, dressing, feeding, walking, and transferring.
  • Entry age is 30 years old.
  • You can use up to S$600 per year from your Medisave to increase your coverage.

 

5. ActiveSG+ Web App

  • A new platform replacing the ActiveSG mobile app.
  • Sign up with your new Singapore PR Singpass to receive S$100 free credit for swimming or gym passes.
  • Log in by 31 Aug 2024 to get an additional S$10 ActiveSG anniversary credit.

 

6. Dependant’s Protection Scheme (DPS)

  • A term life insurance plan automatically joined by citizens and PRs aged 21-65, with premiums deducted from Medisave.
  • Provides up to $70,000 in compensation in case of death, terminal illness, or permanent disability.
  • Not a compulsory plan, you can opt out if desired.

 

Frequently Asked Questions (FAQs):

  1. What happens to my CPF savings after death?
    • Your CPF savings will be given to your nominee(s) in cash via cheque or GIRO after your death.
    • If you have not made a CPF nomination, it will be paid to the Public Trustee Office for distribution in cash to your family member(s).
  2. How do I make a CPF Nomination?
    • You can do it online using your mobile phone. You need two witnesses who are mentally healthy and are not your nominee(s).
    • Click this link to nominate now.
  3. Where can I check my nomination details? I may have done it before but can’t recall.
    • You may check it online by clicking this link and selecting “View Nomination Details.”

 

What’s Next?

If you are still unclear with the above mentioned benefits, or looking for a comprehensive insurance plan and retirement plan, you may send your enquiry to me via WhatsApp (+65 8680 2340) or email (lidwinateo@fapl.sg).

I will provide a personalised financial advice to you. Look forward to helping you achieve your financial goals!

 

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Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Lidwina Teo 维娜

With 5+ years in client service, I’m passionate about delivering personalized financial planning that puts your best interests first. Backed by 150+ business partners, I tailor solutions to help you reach your financial goals.

Contact me now to request for a quotation or schedule a coffee session for further discussion. See you soon!

拥有5年以上客户服务经验，我致力于提供以客户利益为先的个性化理财规划。依托150多位业务伙伴，我为您量身定制方案，助您实现财务目标。

欢迎咨询，随时为您准备方案！

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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

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  • I have read and understood FAPL’s Personal Data Policy, and hereby give my acknowledgement and consent to FAPL to use my personal data in accordance with FAPL’s Personal Data Policy.
  • 我已阅读并理解鑫盟理财私人有限公司的个人数据保护政策，并同意鑫盟理财私人有限公司根据个人数据保护政策所阐述的用途使用我的个人资料。
  • I have read and understood the disclaimers above and hereby affirm my acceptance of these terms.
  • 我已阅读并理解了上述免责声明，特此声明接受这些条款。
  • I have not been directly contacted or approached by any representative or employee of FAPL with an offer or solicitation to apply for any financial products not offered in my home country.
  • 鑫盟理财私人有限公司的代表或员工并未直接与我联系或提出要约或招揽购买我原居住国境内所不提供的任何金融产品.
  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
  • Any services provided by FAPL to persons not ordinarily resident in Singapore are provided solely on an offshore basis from Singapore, resulting from direct enquiry on the part of the foreign residents.
  • 鑫盟理财为非新加坡居民所提供的任何服务仅限于直接向鑫盟理财发出咨询请求的国外居民。
  • As an integral part of the provision of such services, FAPL may from time to time make available to such residents, documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of the foreign jurisdiction).
  • 作为提供此类服务的一部分，鑫盟理财会不时向此类咨询者提供有关产品的参考文件和信息（例如，关于海外司法管辖区以外的资金管理或投资咨询服务等信息）。
  • Such documents and information are provided by Financial Alliance Pte Ltd (“FAPL”) is for general information only and is not intended for anyone other than the recipient.
  • 此类由鑫盟理财所提供的文件和信息仅供收件人做一般信息参考。
  • It does not take into account the specific investment objectives, financial situation or particular needs of any particular person.
  • 此类文件和信息不会把-个人投资目标，财务状况或其特定需求等考虑在内。
  • It does not constitute the making available of, or an offer or solicitation by FAPL to buy or sell or subscribe for any such capital markets product or to enter into a transaction or to participate in any particular trading or investment strategy nor an advice or a recommendation with respect to such financial products.
  • 鑫盟理财向该人士提供此类文件和信息将不构成要约或招揽购买或出售或认购任何此类资本市场产品，或达成交易或参与任何特定的投资策略，也不构成有关此类金融产品的建议或推荐。
  • These documents may not be published, circulated, reproduced or distributed in whole or in part to any other person without FAPL’s prior written consent.
  • 未经鑫盟理财的事先书面同意，不得将这些文件全文或部分发布，传播，复制或分发给其他人。
  • This document is not intended for distribution to, publication or use by any person in any jurisdiction, where such distribution, publication or use would be contrary to applicable law or would subject FAPL and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction.
  • 鑫盟理财无意在分发，出版或使用此类文件可能违反当地法律，或本公司及关联公司或关联人士需要注册，获得许可或符合规定的司法权区向当地人士分发、出版此类文件或供其使用。
  • You shall ensure that you have and will continue to be fully compliant with all applicable laws in your home country when entering into discussion or contracts with FAPL.
  • 在与鑫盟理财进行讨论或签订合约时，您应确保您已完全遵守并将继续遵守您所在原居住国的所有适用法律及条规。

In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策