United Overseas Bank (UOB) and Prudential Singapore have joined forces to launch a savings account with complimentary medical insurance for six female-related cancers.
The UOB Lady’s Savings Account is designed for women “who may not be placing enough emphasis on their own financial and health needs”.
The insurance coverage sum is based on their monthly average balance over the past three months.
For example, if the account holder saves between S$50,001 to S$75,000 on average over three months, she will receive S$75,000 (£41,842, $53,886, €47,821) in coverage.
If the account holder saves more than S$100,000 on average, the sum assured increases to S$200,000.
The account will help female consumers to fill the gap for medical insurance coverage in their financial portfolios.
It also offers free annual health screenings for diabetes, high cholesterol, high blood pressure and cancer markers.
Account holders are also entitled to a free three-strain flu vaccination every year.
The UOB Lady’s Savings Account also comes with a subsidised general practitioner consultation package for themselves and for up to four dependants.
The dependants can include their parents, spouses, children and their domestic helpers.
Jacquelyn Tan, head of personal financial services Singapore at UOB, said: “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.
“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.”
Goh Theng Kiat, Prudential Singapore chief customer officer, said: “As women live longer than men on average, they need to be prepared for higher healthcare-related expenses as they age.
“Through this collaboration with UOB, we want to continue to raise awareness about women-related diseases and to ensure our customers are able to focus on getting well in the event of a health crisis.