Health Insurance - Philippine Bank Deposit Accounts With Free Life Insurance

Health Insurance - Philippine Bank Deposit Accounts With Free Life Insurance

It’s important to have an emergency fund for unforeseen expenses, especially medical emergencies. Moreover, having life insurance also gives your family some financial security if ever something happens to you.

Both are necessary for you and your family’s financial protection.

But between the two, I recommend saving and building your emergency fund first. Because the chances of suddenly needing cash is much higher than dying. Financial emergencies just happen more frequently.

Furthermore, it’s essential that your emergency fund be placed where it is accessible and is exposed to very low risk. In short, a bank deposit account is the best place to put your emergency fund.

Fortunately, there are Philippine banks that offer savings account products that comes with free life insurance. And thus, allowing you to “hit two birds with one stone” – build an emergency fund + have life insurance.

The life insurance benefit is based on the Average Daily Balance (ADB) of the account for the past month/s. This means that the more you save, the higher your insurance coverage will be.

So which banks in the country currently offer such deposit accounts? Below is a quick list, in alphabetical order.

BDO Kabayan Savings Account

This product is designed for overseas Filipinos who send remittances regularly. It comes with a passbook and ATM, and available in Peso and US Dollar currencies. Insurance coverage is provided by BDO Life.

Initial Deposit: PHP 100 / USD 100
Maintaining Balance: no maintaining balance with at least one remittance each year
Balance to earn interest: PHP 5,000 / USD 200
Interest rate (p.a.): 0.25%
Insurance Coverage: 50% of ADB plus 50% of remittance for the past 12 months (PHP 1M limit)

BPI Save Up Automatic Savings Acccount

This product is allows you to build your savings through automatically debits from your salary or another BPI deposit account. It’s available in BPI, BPI Family, and BPI Direct Savings Bank. Life insurance is provided by BPI-Philam Life Assurance Corp.

BPI Save Up
Initial Deposit: no initial deposit required
Maintaining Balance: PHP 1,000
Balance to earn interest: PHP 5,000
Interest rate (p.a.): 0.25%
Insurance Coverage: Up to 10x your ADB (PHP 4M limit)

BPI Family Save Up
Initial Deposit: no initial deposit required
Maintaining Balance: PHP 1,000
Balance to earn interest: PHP 3,000
Interest rate (p.a.): 0.50%
Insurance Coverage: Up to 10x your ADB (PHP 4M limit)

BPI Direct Save Up
Initial Deposit: no initial deposit required
Maintaining Balance: PHP 1,000
Balance to earn interest: PHP 1,000
Interest rate (p.a.): 0.50%
Insurance Coverage: Up to 10x your ADB (PHP 4M limit)

BPI Pamana Savings Acccount

The Pamana Savings Account is available both in BPI and BPI Family. You choose between the Debit Card or Passbook account. And it’s available in both Peso or US Dollar currencies. Life insurance is provided by BPI-Philam Life Assurance Corp.

BPI Debit Card (ATM Card)
Initial Deposit: PHP 25,000
Maintaining Balance: PHP 25,000
Balance to earn interest: PHP 25,000
Interest rate (p.a.): 0.25%
Insurance Coverage: Up to 3x your ADB (PHP 2M limit)

BPI Passbook (PHP or USD)
Initial Deposit: PHP 75,000 / USD 1,000
Maintaining Balance: PHP 75,000 / USD 1,000
Balance to earn interest: PHP 75,000 / USD 1,000
Interest rate (p.a.): 0.25% (PHP) / 0.125% (USD)
Insurance Coverage: Up to 3x your ADB (PHP 2M limit / USD 40,000 limit)

BPI Family Debit Card (ATM Card)
Initial Deposit: PHP 5,000
Maintaining Balance: PHP 5,000
Balance to earn interest: PHP 10,000
Interest rate (p.a.): 0.50%
Insurance Coverage: Up to 3x your ADB (PHP 2M limit)

BPI Family Passbook (PHP or USD)
Initial Deposit: PHP 50,000 / USD 1,000
Maintaining Balance: PHP 50,000 / USD 1,000
Balance to earn interest: PHP 50,000 / USD 1,000
Interest rate (p.a.): 0.50% (PHP) / 0.125% (USD)
Insurance Coverage: Up to 3x your ADB (PHP 2M limit / USD 40,000 limit)

Maybank Philippines Save n Protect Savings Account

This account provides a passbook and access to your funds with a regional ATM card, which you can use at any Maybank ATMs in Malaysia, Singapore, and Brunei without charges. AsianLife & General Assurance Corporation is their insurance partner.

Initial Deposit: PHP 50,000
Maintaining Balance: PHP 20,000
Maintaining Balance to get free insurance: PHP 50,000
Balance to earn interest: PHP 20,000
Interest rate (p.a.): 0.25%
Insurance Coverage: 2x your ADB (PHP 1M limit, up to PHP 3M for multiple accounts)

PNB Power Saver Account

The Power Saver Account (formerly named Angat Savings Account) is a tiered, high-interest earning savings account that comes with a record keeper and an EMV debit card. Allianz PNB Life provides the insurance coverage.

Initial Deposit: PHP 10,000
Maintaining Balance: PHP 10,000
Maintaining Balance to get free insurance: PHP 25,000
Balance to earn interest: PHP 10,000
Interest rate (p.a.): 0.50% to 1.75% (depends on ADB)
Insurance Coverage: 1x your ADB (PHP 1M limit, up to PHP 4M for accidental death)

Security Bank All Access Checking

All Access is a savings and checking account in one. It comes with a passbook, checkbook, Everyday Debit / ATM Mastercard, and FREE Life Insurance from FWD Life Insurance

Initial Deposit: PHP 5,000
Maintaining Balance: PHP 25,000
Balance to earn interest: PHP 100,000
Interest rate (p.a.): 0.10%
Insurance Coverage: Up to 3x your ADB (PHP 3 million limit)

Final Note

I don’t work for any of these banks. If you have questions regarding the terms and conditions, or you’d like to know more details, then please contact the bank’s customer service directly or visit the branch nearest you.

Lastly, if you know more bank deposit account products that offer free life insurance, then please share them in the comments section so I can add them to the list. Thank you.

source : https://fitzvillafuerte.com/philippine-bank-deposit-accounts-with-free-life-insurance.html