- March 13, 2020
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UOB and Prudential Singapore launch financial solution for women
United Overseas Bank (UOB) and Prudential Singapore launched the UOB Lady's Savings Account, a financial solution for women in Singapore that combines a savings account with complimentary medical insurance for six female-related cancers.
UOB designed this solution for women who may not be placing enough emphasis on their own financial and health needs, such as 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.
Jacquelyn Tan, head of personal financial services in Singapore at UOB, stated that the UOB Lady's Savings Account was created with the intent 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, aging parents, relationships and community involvement, and often this means our own well-being takes a backseat,” Tan said. “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."
The head of UOB’s personal services also added, "Our experience with providing dedicated financial solutions to the women of Singapore goes back more than three decades when we launched the UOB Lady's Card in 1989. Today, we bank one in two women in Singapore. Given that one in every four to five women may develop cancer in their lifetime, the UOB Lady's Savings Account encourages women to grow their wealth while protecting their savings against six common female-related cancers, which are among the top ten cancers affecting women in Singapore. As they become more financially secure, we want to help them move towards securing other needs such as their health and wellness.”
Health is wealth with the UOB Lady's Savings Account
To help women protect their wealth and health, UOB and Prudential Singapore have worked in partnership to offer women a dedicated savings account that comes with free coverage for six female-related cancers.
The UOB Lady's Savings Account will help female consumers to fill the gap for medical insurance coverage in their financial portfolios. While each individual needs an estimated $316,000 in critical illness protection needs, the average Singaporean only has $60,000 in coverage, leaving a gap of $256,000.
Prudential Singapore's chief customer officer Goh Theng Kiat shared that 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% critical illness protection gap in Singapore, which is worrying especially against the backdrop of rising longevity and healthcare costs,” Goh 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."
In 2018, over 40% of Prudential Singapore's total critical illness claims were from females, with the top two female-related claims being for breast cancer and uterine cancer.
Additional wellness benefits to keep illnesses at bay
As regular health checks are vital for identifying potential health issues early, the UOB Lady's Savings Account 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.
Over half of the women (52%) in the 2017 UOB-Prudential study also said they were financially responsible for their dependants. Recognising this caregiving role that women play, 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.
UOB Lady's Savings Account holders can consult a doctor from one of 500 panel clinics island-wide at a subsidised flat rate of $13 per visit.
Re-disseminated by Wealth and Society