12 Responses to “Philippine Bank Deposit Accounts With Free Life Insurance”


  1. Cris says:

    Thank you 🙂 I only know of BDO and BPI. Madami pa pala hehe

  2. Katherine Rogacion says:

    Hi sir Fitz. Veterans Bank has free insurance on their long-term time deposit products.

    Reference: https://www.veteransbank.com.ph/long-term-time-deposit.html

    Products:

    A. Hyper Saver Time Deposit (Php 100,000 minimum deposit)

    Inclusive of:
    1. Accidental Death or Loss of Life
    100% of Time Deposit amount but not to exceed Php 5 Million

    2. Cash Assistance Benefit Due to Loss of Life
    25% of Accidental Death Benefit but not to exceed Php 250,000
    Cash Assistance coverage for ages 71-75 years will be reduced to 12.5% of Accidental Death Benefit

    3. Permanent Disablement or Dismemberment Resulting from Accident
    100% of Time Deposit amount but not to exceed Php 5 Million

    4. Unprovoked Murder and Assault
    100% of Time Deposit amount but not to exceed Php 5 Million

    B. Maxi-Return Time Deposit (Php 100,000 minimum deposit)

    Inclusive of:
    1. Accidental Death or Loss of Life
    100% of Time Deposit amount but not to exceed Php 5 million

    2. Daily In-Hospital Income Benefit Due to Sickness or Accident-Related Confinement
    0.10% of Accidental Death Benefit
    Maximum of Php 5,000/day, with a minimum 1 day and a maximum 30 days confinement
    For ages 71-75, 0.05% of Accidental Death Benefit

    3. Cash Assistance Benefit due to sickness or illness
    25% of Accidental Death Benefit but not to exceed Php 250,000
    Cash Assistance coverage for ages 71-75 years will be reduced to 12.5% of

    4. Accidental Death Benefit Permanent Disablement or Dismemberment
    Resulting from Accident
    100% of Time Deposit amount but not to exceed Php 5 Million

    5. Unprovoked Murder and Assault
    100% of Time Deposit amount but not to exceed Php 5 Million

    C. Advantage Plus Time Deposit Advantage Plus Time Deposit

    Inclusive of:
    1. Accidental Death or Loss of Life
    100% of Time Deposit amount but not to exceed Php 5 Million

    2. Daily In-Hospital Income Benefit Due to Sickness or Accident-Related Confinement
    0.10% of Accidental Death Benefit
    Maximum of Php 5,000/day, with a minimum 1 day and a maximum 30 days confinement
    For ages 71-75, 0.05% of Accidental Death Benefit

    3. Cash Assistance Benefit Due to Loss of Life
    25% of Accidental Death Benefit but not to exceed Php 250,000
    Cash Assistance coverage for ages 71-75 years will be reduced to 12.5% of Accidental Death Benefit

    4. Permanent Disablement or Dismemberment Resulting from Accident
    100% of Time Deposit amount but not to exceed Php 5 Million

    5. Unprovoked Murder and Assault
    100% of Time Deposit amount but not to exceed Php 5 Million

  3. Mayroon din pala sa PNB 🙂
    Thanks, sir Fitz!

  4. Francis says:

    RCBC offers free life insurance through their Hexagon Membership but the minimum initial deposit is 100k. Kinda like preferred banking. Metrobank’s savings accounts for kids has accident insurance.

  5. Gerald says:

    Hi Sir Fritz,

    Ano ba ang ADB or Average daily balance?thanks

  6. Fitz says:

    @Gerald
    Take how much money you have in your savings account at the end of every day, and find the average.

    If Monday your balance is P20k; then Tuesday, your balance is P25k; then Wednesday, your balance is P21k.

    It is said that your ADB for the past 3 days is (20k + 25k + 21k) / 3 = P22k

    For BPI Pamana, they take the ADB for the past 3 months. So you just take the average of the money at the end of the day the most recent 90 days. Then multiply that by 3 and you have your insurance coverage.

  7. Lilo says:

    Hello sir Fritz, if pamana needs 25K minimum balance of debit card with only 3x insurance coverage while the Save up needs only 1K balance with 10x insurance coverage.. then people will opt to choose the Save Up rather than the Pamana? what are the cons for this preference?

  8. Ces says:

    Hi Sir Fitz! Same question with Lilo. I’m planning to open a BPI Pamana account but stumbled upon this blog and realized that BPI Save-Up might be a better product given the maximum coverage of 4M, low maintaining balance, and 10x insurance coverage . What are your thoughts on this?

  9. Fitz says:

    @Lilo and @Ces
    Save Up can only be set up as an automatic debit – you’d need a salary account or another BPI account where the money will be transferred from. Pamana is like your usual savings account. If you can open a Save Up, then that is a better option in all aspects.

  10. Clar says:

    Hi Sir Fritz! My parents recently retired and they are planning to put their savings in BPI. They are 65y/o. Is there an age requirement to avail of the insurance?

  11. Oh, more banks to choose from! Thanks for sharing. 😀

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