Sunday , October 2 2022
Free Insurance bank

Top 3 Banks with Free Insurance in the Philippines

Free Insurance? Sounds good right? Do you know that you may acquire free life insurance by just opening a bank account? Customers can choose from a wide range of products offered by banks. A handful of them offer insurance as part of the account establishing process.

But what’s the catch? We will discuss that in this article.

Bank Accounts with Free Insurance

Free insurance bank accounts function similarly to ordinary accounts. A basic savings account, checking account, or time deposit are all options. They might be a debit card, a passbook, a checkbook, or a combination of all three. They can also be set up as a simple virtual account, allowing users to do things like check their balance, add funds, and receive their money back without having to go to a specific place or speak to a bank person.

Depositors can also take advantage of the free insurance. It comes with the account and, in most situations, takes effect instantly after the account is opened. This distinguishes it from other similar banking products, particularly because the insurance is offered at no cost to the depositors.

Coverage

  • Life insurance
  • Hospital
  • Accidental death/ injury
  • Disability
  • Burial Assistance
  • Card Insurance.  Gives protection against unauthorized charges, loss  of card and theft

Additional benefit is that free insurance can be granted without a medical examination, making it easier to obtain coverage. Some bank accounts, however, have insurability terms and conditions. Not all depositors are eligible for insurance, and some cannot even open a bank account. These can be the result of statements made on health forms, the insured person’s age, the terms and conditions of the group policy, and so on.

What is the coverage amount?

The amount of potential insurance benefit varies significantly. The plan’s degree of benefit may be determined by a variety of factors, including the following:

The amount of the time deposit, or the average daily balance (ADB) (whichever the case maybe). Before a claim is submitted, the average daily balance may usually be calculated using the previous several months.

  • Insured’s age. In comparison to younger clients, older clients may be entitled to less face value.
  • Account’s age. For new Accounts that are less than a month old may receive less advantage.

Do you want a bank account with free insurance?

It could sound appealing to get free insurance as part of a bank account. However, the question remains.

Here are some guidelines to assist you in making your decision.

  • Examine whether the account is truly necessary. After all, the bank account is what you’re obtaining first and foremost. Is it suited to your banking needs? Do you really need another deposit account, a time deposit account, or a checkbook account?
  • Check to see if getting separate insurance is a better option for you or your family. Consider the advantages and disadvantages. Perhaps you require further protection. If that’s the case, how well does the bank account’s insurance policy complement any other policies you could have?
  • Examine whether you meet the account’s and the bank’s standards. Documentary (such as identification cards) and monetary requirements are both present (such as initial deposit).
  • Examine the policy and its terms and conditions. Almost all information is available on the internet. You’ll learn what’s expected of you, the scope and limits of the insurance coverage, the causes and conditions under which the coverage is forfeited or unenforced, and so on. Consider going to the bank and asking a teller or customer care representative.

Top Bank accounts with free insurance

Kabayan Savings Account of BDO

The Kabayan Savings Account of Banco de Oro (BDO) is for abroad Filipinos. It is capable of receiving remittances from overseas for the benefit of their families and loved ones back home. It includes a passbook as well as an ATM debit card.

When the account has received remittance at least once in the last two years, no sustaining balance is necessary. Failure to do so will result in it being converted into an ordinary savings account with a minimum balance of ₱2,000. The depositor may also be eligible to participate in BDO Rewards programs.

BDO Kabayan Savings Account life and accident insurance coverage is calculated as 50 percent of ADB + 50 percent of total remittance for the last 12 months, not exceeding ₱1 million.

BPI Save Up

The Bank of the Philippine Islands offers a savings account called BPI Save Up. It is appropriate for persons who wish to set aside a portion of their earnings for savings. The account can be viewed via the bank’s website or the mobile app, which is very easy.

The following are some of the terms:

Initial deposit of 0
Minimum transfer amount of ₱250
₱1,000 ADB
Interest on a ₱5,000 balance
How much does BPI Save Up’s free life and accident insurance cost? The value is calculated as 5x ADB up to a maximum of ₱2 million.

Pamana Savings BPI

BPI Pamana Savings is a deposit account available in three different formats: card, passbook, and US dollar denomination. To generate interest, each has its own set of initial, ongoing, and balance requirements:

Card: ₱25,000
75,000 Passbook
Account in US Dollars: $1,000
Account holders must be at least 15 years old and no older than 60 years old to qualify for the free life insurance, according to the Pamana Savings Terms and Conditions. There are additional terms and conditions on the website that involve contestability of illnesses and prohibited locations.

How much does BPI Pamana Savings’ free life insurance cover? The free life insurance is worth 3x ADB for the three months prior to the depositor’s death, up to ₱2 million, and up to $40,000 for US Dollar accounts.

UpSave by CIMB

CIMB UpSave is a savings account that pays a greater interest rate than most other basic deposit accounts. There is no requirement for an initial deposit, a minimum balance to earn interest, or a penalty for withdrawal.

It can also be accessed online via the smartphone app at any time and from anywhere. There is no need to visit a physical location to submit documentation needed.

The policy is renewed monthly subject to terms and conditions to qualify for the free life insurance benefit, according to the CIMB UpSave Product Disclosure Sheet. For one month, the account must contain at least ₱5,000 ADB. The depositor must be at least 18 years old and no more than 64 years old to be eligible.

How much does CIMB UpSave’s free life insurance cover cost? It is calculated as 1x the ADB for the three months preceding the account holder’s death, up to ₱250,000.

GSave by CIMB

GCash users can take advantage of CIMB GSave, a high-interest savings account. It does not require an initial deposit or a minimum balance. Users can view their account balance and transaction history through GCash, as well as transfer money between GCash and accont. You can also transfer funds between CIMB accounts using the CIMB app.

To be eligible, the depositor must be a properly confirmed GCash user between the ages of 18 and 64, and have a monthly ADB of ₱5,000.

How much does CIMB GSave’s free life insurance cover cost? It is equal to 1x ADB for the three months preceding the depositor’s death, up to a maximum of ₱250,000.

We will update this article for more info. Enjoy.

 

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