The HDB Indemnity Form, also known as the Home Protection Scheme (HPS) or Mortgage Reducing Term Assurance (MRTA) Indemnity Form, is a document provided by the Housing & Development Board (HDB) in Singapore. The purpose of this form is to enable HDB flat owners to apply for or terminate their Home Protection Scheme (HPS) coverage.
The HPS is a mortgage insurance scheme that provides protection for HDB flat owners and their families against the financial burden of repaying outstanding housing loans in the event of death, terminal illness, or total permanent disability of the insured member(s) during the period of the loan repayment. This insurance is compulsory for all HDB flat owners who use their Central Provident Fund (CPF) savings to pay for their flat.
The Indemnity Form is required when applying for or terminating the HPS coverage. It serves as a legal agreement that indemnifies HDB and its appointed insurer from any claims or liabilities arising from the HPS coverage. The form includes details of the insured members, loan details, and declaration of the applicant.
By completing and submitting the HDB Indemnity Form, flat owners can ensure that they have the necessary insurance coverage to protect themselves and their families in the event of unfortunate circumstances.