United Overseas Bank (UOB) and Prudential Singapore have launched a new savings account for women. It offers free medical insurance covering six cancer-related illnesses for women, including breast, uterine and ovarian.
The new savings account is known as the UOB Lady’s Savings Account. In addition, it offers free medical screenings annually for customers and a yearly three-strain flu vaccination, media reports said.
The cost for the coverage ranges between $1,000 to $200,000. It is mainly based on the account holder’s monthly average balance on top of the last three months.
Jacquelyn Tan, head of personal financial services for Singapore at UOB, told the media, “Women in Singapore today juggle multiple responsibilities, including our careers, parenthood, ageing parents, relationships and community involvement, and often, this means our own well-being takes a backseat.”
In 2018, over 40 percent of Prudential Singapore’s total critical illness claims stemmed from women, especially attributed to breast and uterine cancers.
It is reported that nearly 25 percent of women are not adequately investing in medical insurance in the event of a critical illness. For that reason, UOB Lady’s Savings Account is vital for them to protect their financial portfolios. The account also has a subsidised general consultation package for the account holder and up to four dependents, media reports said.
An average Singaporean only has $60,000 in coverage, while each individual needs an estimated $316,000 in critical illness protection. Currently, the existing gap is $256,000, a huge amount that needs to be covered.