2025 Free Life Insurance on Deposit Accounts in the Philippines
2025 Free Life Insurance on Deposit Accounts in the Philippines
Several Philippine banks offer free life insurance as a perk on certain savings or deposit accounts. The coverage is usually linked to your Average Daily Balance (ADB). Below are the major products and their insurance formulas, along with example coverages for ₱100,000 and ₱250,000 balances.
BPI – Pamana Savings
BPI’s Pamana Savings account provides life insurance equal to 3× your ADB, capped at ₱2,000,000. In practice, if you maintain an average balance of ₱100,000, your coverage is 3×100k = ₱300,000. For a ₱250,000 balance, coverage is 3×250k = ₱750,000 (well below the ₱2M cap). (E.g. at ~₱666,667 ADB, 3×ADB would hit the ₱2M cap.)
RCBC – Telemoney Savings
RCBC’s Telemoney account offers life insurance = 2× your ADB (200%) up to ₱1,000,000. Thus, with a ₱100,000 balance (maintained for 6 months), coverage would be 2×100k = ₱200,000. For ₱250,000 balance, coverage = 2×250k = ₱500,000 (still under the ₱1M limit). RCBC requires a minimum balance of ₱10,000 to qualify.
CIMB – UpSave/GSave Accounts
CIMB Bank’s UpSave and GSave accounts come with free life insurance equal to 1× your ADB, capped at ₱250,000. In other words, you get insurance equal to your average balance. Therefore, if your ADB is ₱100,000, coverage = ₱100,000; if ₱250,000, coverage = ₱250,000 (this hits the ₱250K cap). The insurance is renewable monthly as long as you keep the required minimum ADB (₱5,000).
Maybank – Save ‘n Protect Savings
Maybank’s Save ‘n Protect account provides life insurance = 2× your prior-month ADB, capped at ₱5,000,000. You must maintain at least ₱50,000 in ADB to qualify. So with ₱100,000 ADB, coverage = 2×100k = ₱200,000; with ₱250,000 ADB, coverage = 2×250k = ₱500,000. Even very high balances enjoy the same 2× multiplier, but the total cannot exceed ₱5M.
Security Bank – All Access Account
Security Bank’s All Access account comes with free life insurance up to ₱3,000,000 (no medical exam needed). Coverage is based on your ADB over the past 3 months. For account holders aged 18–50, the life benefit is 3× your ADB (max ₱3M). (Ages 51–60 get 1×ADB up to ₱3M.) Thus, a 100K balance yields up to 300K coverage and 250K yields up to 750K (both below the ₱3M cap). (Note: these figures assume age ≤50 and healthy status; see Security Bank’s terms for details.)
Robinsons Bank – IPONsurance Savings
Robinsons Bank’s IPONsurance account offers life insurance up to 4× your ADB (max ₱4,000,000). For account holders 18–50 years old, the formula is tiered: 2×ADB if ADB is ₱20K–49,999; 3×ADB if ₱50K–499,999; and 4×ADB for ₱500,000+. (Ages 51–65 get 1×ADB.) Therefore, with ₱100,000 ADB (in the ₱50K–499K bracket), coverage = 3×100k = ₱300,000. With ₱250,000 ADB, coverage = 3×250k = ₱750,000. (If one had ≥₱500K, it would be 4×ADB up to ₱4M.) Note the ₱20,000 minimum to open this account.
(Note this bank is being absorbed into the BPI, so note this may not be valid anymore)
Other Banks (UNO, EastWest, etc.)
Some smaller banks also offer basic free insurance on deposits. For example, digital UNO Bank’s savings account gives a fixed ₱50,000 life coverage (regardless of your balance). EastWest Bank’s Save and Pawtect savings provides insurance up to ₱50,000 for the account holder (and even pet insurance), independent of deposit amount. These are much lower than the multi-hundred-thousand coverage above.
For completeness, note that state-run LandBank’s new OptiSaver Plus also includes free life insurance for depositors (qualified at ₱50K+ balance), though LandBank has not publicly disclosed the exact multiples per tier.
Summary of Coverages (₱100K vs ₱250K ADB):
- BPI Pamana: 100K→₱300K; 250K→₱750K.
- RCBC Telemoney: 100K→₱200K; 250K→₱500K.
- CIMB GSave/UpSave: 100K→₱100K; 250K→₱250K.
- Maybank Save ‘n Protect: 100K→₱200K; 250K→₱500K.
- Security Bank All Access (age ≤50): 100K→₱300K; 250K→₱750K.
- Robinsons IPONsurance (age ≤50): 100K→₱300K; 250K→₱750K.
- UNO Bank: 50K fixed for either scenario.
- EastWest Save Pawtect: up to 50K (regardless of ADB).
Each value above is drawn from the bank’s published terms or announcements. Actual payout would be the insured sum if a covered event occurs.
Sources: Official bank product pages and advisories . Always check first before doing any action. This is not financial advise.