Life insurance is something that we all aim to have. However, with the increasing cost of living in the cities, we find ourselves running short of money to pay for the things that we ought to have such as life insurance.
Despite knowing how important it is to have life insurance, it’s something that not everyone in our country can afford to have. Fortunately, in recent years, I am noticing an increasing number of savings accounts with free life insurance in the Philippines. This is a nice product that we should all take advantage of while it’s still available.
Note to Readers: Please be advised that the information written here is valid as of the time of writing but may have been updated by the time you see/read this post. Please refer to the linked Philippine bank’s webpages to get the updated details. If the links are not working by the time you see the article, please go to the bank’s homepage.
Here’s a list of Savings Accounts with Free Life insurance in the Philippines:
BDO Kabayan Savings Account
Initial Deposit: P100 for Peso Account / USD100 for Dollar Account
Maintaining Balance: Zero maintaining balance with at least one (1) remittance within two (2) years
Balance to Earn Interest: P5000/USD200
Interest Rate (p.a.): Check with BDO the Updated Interest Rate for Peso and USD
Insurance Coverage: The insured amount is 50% of ADB plus 50% of total remittances in the last 12 months not exceeding PHP1M per enrolled remitter (See Terms and Conditions).
Click here to learn more about BDO Kabayan Savings Account
BPI Save-up Account
Initial Deposit: P0
Maintaining Balance: P1000
Balance to Earn Interest: P5000
Interest Rate (p.a.): Check with BPI the Updated Interest Rate
Insurance Coverage: Get free life insurance worth 5x your average account balance, up to PHP 2 Million, and also, get additional accident insurance worth 5x your average account balance, up to PHP 2 Million.
Click here to learn more about BPI Save-up Account
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BPI Pamana Savings Account
Initial Deposit: Debit Card: P25000/ Passbook: P75000/ USD1000
Maintaining Balance:Debit Card: P25000/ Passbook: P75000/ USD1000
Balance to Earn Interest: Debit Card: P25000/ Passbook: P75000/ USD1000
Interest Rate (p.a.): Check with BPI the Updated Interest Rate
Insurance Coverage: Get free life insurance worth 3x your average account balance, up to PHP 2 Million /USD40000 for USD Account.
Click here to learn more about BPI Pamana Savings Account
CIMB Upsave Account
Initial Deposit: P0
Maintaining Balance: No maintaining balance required but has a maintaining balance required to avail the free insurance
Balance to Earn Interest: No maintaining balance required to earn interest but has a maintaining balance required to avail the free insurance
Interest Rate (p.a.): Check with CIMB the Updated Interest Rate
Insurance Coverage: Depositors of the UpSave account who maintain a minimum average daily balance of PHP5,000 for one month will be able to enjoy FREE life insurance* with the following features:
a. Age eligibility between 18 and 64 years old
b. No medical check-up required
c. 1x coverage of the average daily balance** of the depositor, up to a maximum limit of PHP250,000. Or if the Eligible Member’s UpSave account has been active for less than 3 months, the computation of coverage will be 100% of the client’s UpSave account’s latest balance*** divided by 3, up to a maximum coverage limit of PHP250,000.
d. Coverage is renewed on a monthly basis subject to depositor meeting the requirement of minimum PHP5,000 average daily balance
Click here to learn more about CIMB Upsave Account
Maybank Save ‘n Protect Savings Account
Initial Deposit: P50000
Maintaining Balance: P50000
Balance to Earn Interest: P20000
Interest Rate (p.a.): Check with Maybank the Updated Interest Rate
Insurance Coverage:
- Comes with a free life insurance coverage equal to 2 times of the previous month’s ADB.
- Up to Php 5,000,000 maximum insurance coverage per account.
- ADB to enjoy free insurance coverage is Php 50,000.
Click here to learn more about Maybank Save ‘n Protect Savings Account
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RCBC EWoman Savings Account
Initial Deposit: P15000
Maintaining Balance: P15000
Balance to Earn Interest: P25000
Interest Rate (p.a.):Check with RCBC the Updated Interest Rate
Insurance Coverage: Free Life Insurance from Sunlife Grepa. The insurance coverage is thrice (3x) the 6 month ADB. This insurance has a maximum coverage of PHP 2,000,000
Click here to learn more about RCBC EWoman Savings Account
RCBC EWoman Checking Account
Initial Deposit: P35000
Maintaining Balance: P35000
Balance to Earn Interest: N/A
Interest Rate (p.a.): N/A
Insurance Coverage: Details not available online. Please contact RCBC for details of the free insurance
Click here to learn more about RCBC EWoman Checking Account
RCBC iSave Savings Account
Initial Deposit: P0
Maintaining Balance: P0
Balance to Earn Interest: P5000
Interest Rate (p.a.): Tiered interest rates
Insurance Coverage: Free personal accident insurance and hospitalization benefit. Contact RCBC for details.
Click here to learn more about RCBC iSave Savings Account
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Security Bank All Access Checking Account
Initial Deposit: P5000
Maintaining Balance: P25000
Balance to Earn Interest: P100000
Interest Rate (p.a.): Check with Security Bank the Updated Interest Rate
Insurance Coverage: All Access accounts now come with FREE Group Life Insurance and Group Accidental Death Benefit:
- Life coverage up to 3x your ADB (up to P3M)
- Terminal illness benefit equivalent to your life coverage (up to P2M)
- PLUS accidental death benefit equivalent to your ADB (up to P3M)
- Available to new clients aged 18 to 60 years old
Click here to learn more about Security Bank All Access Checking Account
Unionbank Account Savings Plus
Initial Deposit: P5000
Maintaining Balance: P25000
Balance to Earn Interest: P100000
Interest Rate (p.a.): Check with Unionbank the Updated Interest Rate
Insurance Coverage:
For 18 – 50 Years Old:
- 3 x ADB, Maximum of P3Million for Basic Life Insurance
- 1 x ADB, Maximum of P3Million for Accidental Death and Disability
- PHP 30,000.00 for Burial
- 50% of Basic Life, Maximum of P1.5M for Group Term Illness Benefit
For 51 – 60 Years Old:
- 1 x ADB, Maximum of P1Million for Basic Life Insurance
- 1 x ADB, Maximum of P1 Million for Accidental Death and Disability
- PHP 30,000.00 for Burial
- 50% of Basic Life, Maximum of P1.5M for Group Term Illness Benefit
Click here to learn more about Unionbank Account Savings Plus
Veterans Bank Hyper Saver Time Deposit
Minimum Deposit: P100000
Maximum Deposit: N/A
Interest Rate (p.a.): Check with Veteran’s Bank the Updated Interest Rate
Insurance Coverage:
- Accidental Death or Loss of Life
- 100% of Time Deposit amount but not exceed Php 5 Million
- Cash Assistance Benefit Due to Loss of Life
- 25% of Accidental Death Benefit but not to exceed Php 250,000
- Cash assistance coverage for ages 71-75 years will be reduced to 12.5% of Accidental Death Benefit
- Permanent Disablement or Dismemberment
- Resulting from Accident
- 100% of Time Deposit amount but not exceed Php 5 Million
- Unprovoked Murder and Assault
- 100% of Time Deposit amount but not exceed Php 5 Million
Click here to learn more about Veteran’s Bank Hyper Saver Time Deposit
Note: Reviewed and updated January 26, 2022
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Do you know of any other Savings Accounts with Free Life Insurance in the Philippines? Feel free to add your recommendations in the comment section below.
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