United Overseas Bank (UOB) and Prudential Singapore have launched a new savings account for women that provides free medical insurance cover for six cancers, including breast, uterine and ovarian.
The UOB Lady's Savings Account also offers customers free annual health screenings and a yearly three-strain flu vaccination.
The coverage amount, ranging from $1,000 to $200,000, is based on the account holder's monthly average balance over the previous three months. A 2017 survey by UOB and Prudential found that 45 per cent of women said they wanted a savings account that comes with free critical illness protection.
Prudential Singapore chief customer officer Goh Theng Kiat said having adequate insurance for critical illnesses is becoming more important as Singaporeans live longer, and with more than half of them developing multiple chronic conditions after the age of 60.
"There is an 80 per cent critical illness protection gap in Singapore, which is worrying especially against the backdrop of rising longevity and healthcare costs," added Mr Goh.
More than 40 per cent of Prudential Singapore's total critical illness claims were from females in 2018, with the top two claims for breast and uterine cancers.
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 they would not have to exhaust their personal savings in the unforeseen event of a cancer being diagnosed.
"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," she said.
There is an 80 per cent critical illness protection gap in Singapore, which is worrying especially against the backdrop of rising longevity and healthcare costs.
PRUDENTIAL SINGAPORE CHIEF CUSTOMER OFFICER GOH THENG KIAT, on having adequate insurance for critical illnesses.
Around 25 per cent of women are not sufficiently protecting their savings with insurance in the event of a critical illness, Ms Tan said. The new account also comes with a subsidised general practitioner consultation package for the holder and up to four dependants.