Saving money requires self-control, focus, and commitment. Whether you’re a student, young professional, or parent, planning your finances is like walking on a tightrope.
But life will also surprise you with unexpected events, whether a job loss, medical emergency, or accident. It’s just a matter of when. Nothing beats being prepared for these situations. What if there’s an option where while you’re saving, you’re also insured?
Fortunately, this is possible. Several commercial banks offer regular savings accounts with free life insurance without monthly premium payments. You just need to meet the minimum monthly average daily balance.
Here are 10 savings accounts with free life insurance you can compare.
| Bank | Required
Minimum Monthly Average Daily Balance (ADB) |
Features |
| BDO Kabayan Savings Account | ₱25,000 | 50% of ADB and 50% of total remittance for the past 12 months up to ₱1 million |
| BPI Pamana Savings | ₱25,000 (ATM card)
₱75,000 (Passbook) |
3x the average account balance up to ₱2 million |
| CIMB Bank UpSave | ₱5,000 | Up to ₱250,000 |
| Maybank Save ‘n Protect Savings Account | ₱50,000 | 2x of the previous month’s ADB up to ₱5 million |
| PSBank Kiddie and Teens Savings | ₱2,000 | 5x of the month’s ADB up to ₱500,000 |
| RCBC iSave Savings Account | None
₱15,000 |
Free personal accident insurance and hospitalization benefit
3x of the 6-month ADB up to ₱2 million |
| Security Bank All-Access Checking Account | ₱25,000 | Up to 3x your ADB (up to ₱3 million |
| UnionBank Savings + | ₱25,000 | 3x of the ADB, up to ₱3 million (18-50 years old)
1x of the ADB, up to ₱1 million (51-65 years old) |
| Veteran’s Bank Long Term Deposit (Hyper Saver, Maxi Return, and Advantage Plus) | varies | varies; accident or loss of life, hospitalization benefits, permanent disablement, and more |
How Does a Savings Account with Free Life Insurance Work?
BDO, BPI, and Maybank offer savings accounts with free life insurance. The coverage is based on your average daily balance (ADB), depending on the terms and conditions such as the multiplier and number of months to maintain the ADB.
Say you maintained ₱50,000 ADB for the past six months in Maybank Save n’ Protect. You get twice of that amount as your coverage. In general, banks have a cap of ₱5 million, so the more you save, the higher coverage you will get.
BDO Kabayan Savings Account
BDO Kabayan Savings Account is ideal for overseas Filipino workers (OFW)s that save and send remittances to their loved ones. You must enroll in your account to get the free life and accident insurance and meet the requirements.
Here are the features and terms and conditions:
- Coverage is 50% of your ADB and 50% of the total remittances for the past 12 months, but not exceeding ₱1 million per enrolled emitter.
- Maximum life insurance benefit is capped at ₱1 million for natural death.
- Maximum accidental death benefit coverage is up to ₱2 million.
- To qualify, you must have at least six remittances and have maintained at least ₱25,000 for the last 12 months.
BPI Pamana Savings
BPI Pamana Savings is available in two product variants: an ATM or passbook. You have access to online banking to monitor your balance. Visit your nearest branch to open an account together with the free life insurance.
Here are the features and terms and conditions:
- No need to pay premium payments for your insurance coverage under BPI-Philam.
- Medical check-ups aren’t required, but there are contestability terms and conditions and restrictions you should read through.
- Coverage is thrice the average ADB for the past three months up to ₱2 million, applicable to 15 to 60-year-old account holders.
- Earn an annual interest of 0.0625%, you must maintain an ADB of ₱25,000 for an ATM savings account and ₱75,000 for a passbook account.
CIMB Bank
UpSave Savings account offers a 2.5% interest rate per annum to grow your savings. There’s no initial deposit required, and you can create a savings account using the CIMB Bank PH app.
Here are the features and terms and conditions:
- Coverage is up to ₱250,000 as long as you maintain a minimum ADB of ₱5,000.
- Claims are based on the average daily balance for the past three calendar months or the latest balance of the month before the insured’s demise.
- No minimum balance required to earn the annual interest.
Maybank Save ‘n Protect Savings Account
Maybank Save ‘n Protect savings account includes free life insurance coverage, a passbook, and an ATM card to monitor your funds.
Here are the features and terms and conditions:
- Coverage is equal to two times of previous month’s ADB up to ₱5 million coverage per account.
Interest rate per annum is 0.25%, while there’s a maintaining ADB of ₱20,000 to earn interest.
To qualify for the free insurance, you must maintain an ADB of ₱50,000.
PSBank Kiddie and Teens Savings Account
This PSBank savings account is designed for kids and teens, which you can open as an In-Trust-For account, joint account, or individual account for each of your children.
Here are some of the features and terms and conditions to consider:
- The minimum required to earn interest is ₱2,000.
- No initial deposit or maintaining balance.
- Comes with an ATM card and passbook with easy access to online banking
- Free personal accident insurance from AXA Philippines up to five times your average daily balance, a maximum of ₱500,000
RCBC iSave Savings Account
This is RCBC’s virtual savings account that doesn’t have an initial deposit or maintaining balance.
Here are the features and terms and conditions:
- Start saving and earn an interest rate of 0.15% to 0.20% per annum.
- Maintain ₱5,000 to earn the annual interest rate.
- Free personal accident insurance and hospitalization benefit are included.
There’s limited information on the maximum amount of coverage, so we recommend that you speak with the bank first if you’re interested in opening this account.
RCBC eWoman Savings Account
RCBC eWoman Savings account comes with an ATM card, passbook, and free life insurance designed for independent women.
Here are the features and terms and conditions:
- Coverage is worth three times your six months’ ADB up to ₱2 million.
- Initial deposit required is ₱15,000, and you should also maintain a daily ADB of ₱15,000 to qualify for the life insurance from Sunlife Grepa.
- Maintain an ADB of ₱25,000 to earn an interest of 0.15% per annum.
Security Bank All-Access Checking Account
Security Bank All-Access Checking Account combines savings and checking accounts with an ATM card, passbook, checkbook, and free life insurance from FWD.
Here are the features and terms and conditions:
- Initial deposit required is ₱5,000 with an interest rate of 0.10% annually.
- Free life insurance coverage is up to three times the ADB, with a maximum coverage of up to ₱3 million.
- Terminal illness benefit is up to ₱2 million for account holders 18 to 50 years old.
- Family Assistance benefit for burial expenses has a fixed amount of ₱25,000.
- To earn interest, you must have an ADB of ₱100,000.
UnionBank Savings +
Savings + offers a savings account with an optional VISA debit card, access to online banking, and free life insurance without an initial deposit.
Here are the features and terms and conditions:
- Free life insurance from Insular Life covers basic life, accidental death and disability, burial, and Group Term illness benefit.
- Coverage is worth thrice your ADB with a maximum coverage of up to ₱3 million for ages 18-50.
- Maximum coverage is reduced (1x) of the ADB up to ₱1 million for 51 to 60 years old.
To qualify for the life insurance, you need to have a maintaining balance of ₱25,000
Veteran’s Bank Long-Term Time Deposit (Hyper Saver, Maxi Return, and Advantage Plus)
Veteran’s Bank offers three types of long-term time deposits with free life insurance coverage — Hyper Saver, Maxi Return, and Advantage Plus.
Unlike a regular savings account, you can’t withdraw your funds from the account until the maturity date.
Here’s a table of what’s included in the free life insurance under its corporate accounts:
| Hyper Saver | Maxi Return | Advantage Plus |
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These long-term deposits have a 5-year and 1-day maturity with a minimum deposit of ₱100,000. The interest rates are based on the prevailing market rates, so it’s better to contact the bank for more details.
Which savings account with life insurance is for you?
In this list, the CIMB Bank UpSave savings account has the highest interest rate per annum at 2.5%. To get basic life insurance, maintain a monthly ADB of ₱5,000.
Meanwhile, Maybank and Veteran’s Bank offer maximum coverage of up to ₱5 million but with requirements on each type of account.
BPI Direct Save-Up Automatic Savings has the highest multiplier of up to three times of your savings account, which is covered up to ₱2 million for adults, while PSBank offers an excellent savings account for kids and teens with up to five times of the average daily balance.
Whether you want a high-earning interest rate or a low maintaining balance with a high multiplier rate, it’s up to you. What’s important is how much you are willing to save and invest in life insurance that doesn’t require premium monthly payments.
Let us know which of these savings accounts suits your financial goals. Leave us a comment below.