This can now be done online, via a portal to which both the landlord/agent and lead tenant are given logins. Why does DPS coverage end at the end of the policy year that I turn age 60? With insured schemes, landlords are free confer with the tenant, agree deductions and then return the deposit to the tenant without involving their provider. Bonus sum assured is a one-off benefit given to you due to your loyalty in staying insured under DPS before privatisation. For example, insured deposit scheme provider My Deposit charge landlords £26 for deposits over £500. While you are waiting for a reply from your preferred insurer, we encourage you to remain insured under your current policy to continue to enjoy the full benefits of the policy. Landlord members of the Guild of Residential Landlords and accredited landlords with Private Rented Sector Accreditation Schemeare able to obtain a discounted rate for the Deposit Protection Service insured tenancy deposit scheme. If I apply for a top-up, must I declare my health condition? You will have to declare all your health information and your reinstatement will be subject to underwriting. Testimonials View All. Your application will be subject to underwriting. Download the Income Insurance app for the latest rewards and deals. Claims will not be admitted if you were suffering from serious illnesses before your policy commenced. When completing my DPS application form, is it compulsory to fill up the witness’s details? Complete the reinstatement form and submit it at any Income branches. Claim benefits are not payable if any of the following events occur within the first policy year: If your cover is subject to exclusions before 01 May 2016, the same exclusions will apply to a claim under Total Permanent Disability. The Dependants' Protection Scheme (DPS) is a life insurance term plan covering many people here. Landlords can learn how to make a partial deopsit refund here. Income Centre Submitting a deposit to our Insured scheme - landlords. This service is an alternative to using the courts, and is therefore an Alternative Dispute Resolution service (ADR). Your preferred insurer will send you an application form to complete. Part 4.2: How to pay for DPS? “I’m delighted that the Government has again chosen to entrust us with this substantial responsibility,” said DPS managing director Julian Foster at the time of the renewal. Insured schemes work differently both before and after repaying the deposit. This is provided that you have not opted out of your policy with us. The coverage is worldwide and insured members will be insured up to the end of the policy year during which they turn 60 years old. DPS is a term-life insurance scheme that provides insured members and their families with a sum of money to get through the first few years should the insured members pass away, or suffer from terminal illness or total permanent disability. If your application is rejected or offered to you with sub-standard terms, you will still be covered by your original insurer. The DPS insured scheme will not be charging registration fees to its customers and will provide industry competitive protection fees for landlords and letting agents when the scheme launches in April. They hold it for the duration of the tenancy, not releasing until either: Either the landlord or the lead tenant can initiate a request to repay the deposit, but they must both agree on the deductions to be made. Also, the need for DPS coverage reduces when you are 60 years old as most dependants would be economically independent by then. Experience our easy to use online solution now! If there are insufficient funds in your CPF account for the full premium deduction, you will receive a notice to make payment for your policy. 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