The HDB Household Defense Plan (HPS) is a mandatory house loan-cutting down coverage application administered via the CPF Board, built to defend HDB flat homeowners and their family members from dropping their home should really they develop into not able to service their housing personal loan on account of death or a complete long term incapacity before the age of sixty five. The plan is compulsory for flat entrepreneurs who use their CPF cost savings to pay for their monthly financial loan installments. HPS premiums are paid out on a yearly basis through the policyholder's CPF Ordinary Account, Together with the cost determined by components like age, gender, financial loan amount, and repayment time period. The coverage's protection amount is pegged on the superb housing mortgage, and it decreases after a while given that the loan is paid out down. House owners who need to be exempted from HPS can apply for a waiver by demonstrating they've adequate here coverage from other sources, like A non-public daily life insurance plan or an endowment plan.