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UOB, Prudential Launches Savings Account with Insurance Coverage, Business News & Top Stories

The United Overseas Bank (UOB) and Prudential Singapore have launched a new savings account for women that offers free medical coverage for six cancers, including breast, uterus and ovary.

The UOB Lady & # 39; s savings account also offers customers free annual health tests and an annual three-strain flu vaccination.

The amount of coverage, varying from $ 1,000 to $ 200,000, is based on the average monthly balance of the account holder in the previous three months. A 2017 survey by UOB and Prudential found that 45% of women said they wanted a savings account with free critical illness protection.

Goh Theng Kiat, client manager at Prudential Singapore, said it was increasingly important to have adequate critical illness insurance, as Singaporeans live longer and more than half of Among them develop multiple chronic diseases after the age of 60 years.

"There is an 80% gap in critical illness protection in Singapore, which is of particular concern in the context of increasing longevity and healthcare costs," added Mr. Goh.

Over 40% of Prudential Singapore's total critical illness claims were for women in 2018, the top two claims for breast and uterine cancer.

Ms. Jacquelyn Tan, head of personal financial services for Singapore at UOB, said that the account was created to help women take care of themselves so that they didn’t do not have to use up their personal savings in the event of an unforeseen diagnosis of cancer.

"Singapore women juggle today with multiple responsibilities, including our careers, parenting, aging parents, relationships and community involvement, and often it means that our own well-being takes a step back", she said.

PROTECTION GAP

There is an 80% gap in critical illness protection in Singapore, which is of particular concern in the context of increasing longevity and healthcare costs.

GOH THENG KIAT, SINGAPORE PRUDENTIAL CHIEF AGENT, for adequate insurance against critical illnesses.

About 25% of women do not adequately protect their savings with critical illness insurance, said Tan. The new account also comes with a subsidized general consultation package for the holder and up to four dependents.

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