In celebration of International Women’s Day last weekend, United Overseas Bank (UOB) and Prudential Singapore launched a savings product for women in Singapore that combines a savings account with complimentary medical insurance for six female-related cancers.
According to a statement by UOB, the product, UOB Lady’s Savings Account, was designed for women who may not be placing enough emphasis on their own financial and health needs. This is shown by the 37% who put the needs of their loved ones before themselves, according to a 2017 survey by UOB and Prudential Singapore. Among married women, this figure went up to 52%. The survey also found that close to one in two women (45%) say they want a savings account that comes with free critical illness protection.
The female-linked cancers covered by the product are: breast, cervix uteri, uterus, fallopian tube, ovary, and vagina/vulva. The coverage amount is based on their monthly average balance over the past three months, the statement said. If the account’s balance is between SG$50,001 to SG$75,000 on average over the past three months, the account holder will receive SG$75,000 in coverage. If the account holder saves more than SG$100,000 on average, the sum assured increases to SG$200,000.
“Women in Singapore today juggle multiple responsibilities, including our careers, parenthood, aging parents, relationships and community involvement, and often this means our own wellbeing takes a backseat,” said Jacquelyn Tan, head of personal financial services Singapore, UOB. “Even as more women are placing a priority on growing their savings, such as our female customers who have increased their current and savings account balances by 20% in the past five years, more than one in four women are still not sufficiently protecting their savings with insurance in the event of a critical illness.”
