The HDB Household Safety Plan (HPS) is a compulsory home finance loan-lowering insurance coverage system administered because of the CPF Board, designed to safeguard HDB flat homeowners and their people from shedding their house ought to they grow to be struggling to provider their housing mortgage because of Dying or a total lasting incapacity before the age of 65. The scheme is compulsory for flat house owners who use their CPF personal savings to pay for their month to month loan installments. HPS rates are paid annually within the policyholder's CPF Common Account, with the Price tag based on factors including age, gender, financial loan amount of money, and repayment interval. The coverage's coverage total is pegged into the fantastic housing personal loan, and it decreases with time as being the personal loan is compensated down. Owners who desire to be exempted from HPS can make an application for a waiver by demonstrating they have got enough coverage from other sources, like A personal everyday living insurance plan or an get more info endowment policy.