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Home » Savings Accounts with Free Life Insurance in the Philippines – Updated Jan 2022

Savings Accounts with Free Life Insurance in the Philippines – Updated Jan 2022

April 25, 2020 by Thrifty Hustler  

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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.

Savings Accounts with Free Life Insurance in the Philippines

Here’s a list of Savings Accounts with Free Life insurance in the Philippines:

Table of Contents

  • BDO Kabayan Savings Account
  • BPI Save-up Account
  • BPI Pamana Savings Account
  • CIMB Upsave Account
  • Maybank Save ‘n Protect Savings Account
  • RCBC EWoman Savings Account
  • RCBC EWoman Checking Account
  • RCBC iSave Savings Account
  • Security Bank All Access Checking Account
  • Unionbank Account Savings Plus
  • Veterans Bank Hyper Saver Time Deposit

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:

  1. Accidental Death or Loss of Life
    • 100% of Time Deposit amount but not exceed Php 5 Million
  2. 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
  3. Permanent Disablement or Dismemberment
    • Resulting from Accident
    • 100% of Time Deposit amount but not exceed Php 5 Million
  4. 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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Savings Accounts with Free Life Insurance in the Philippines Click To Tweet

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.

 

Savings Accounts with Free Life Insurance in the Philippines

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