HOME PROTECTION INSURANCE SCHEME (Particulars)

Dr Ang Kok Peng asked the Minister for Communications and Minister for Labour (a) how much money has been collected under the Home Protection Insurance Scheme from the date of operation of the Scheme to the end of February 1982; (b) how much money has been paid out under the Scheme and to how many persons; and (c) how he proposes to use the surplus, if any, for the benefit of the members of the Scheme.

Mr Ong Teng Cheong: Sir, as at the end of February, 1982, the CPF Board has collected a sum of $23 million from CPF members who are insured under the Scheme. So far, the Board has paid out a total of $33,705 in respect of four claims. In the first claim involving a permanent disablement case, the CPF Board paid out a sum of $5,195 for which the member paid a premium of $240 only. In the second case, a sum of $8,951 was paid out on a premium of $415. In the third case, a sum of $13,654 was paid out for which the premium was $637. The fourth claim involved a payment of $5,905 and a premium of $268. Seventeen other claims are still being processed by the CPF Board.

Although the premium collected appears large compared to the pay-outs so far, I wish to remind the Member for Buona Vista that the premium is a one-time payment by the CPF member, who is covered until the age of 55. For some of the younger members insured under the Scheme, the coverage could be as long as 20 years.

The premium collected will be placed in the Home Protection Fund and will be invested to ensure that adequate returns are derived to meet future claims by those insured.