UOB Malaysia launches the UOB Lady’s Savings Account to help women grow their wealth and protect their health
First savings account in Malaysia with complimentary female-related cancer takaful coverage
Kuala Lumpur, 28 September 2020 – United Overseas (Malaysia) Bhd (UOB Malaysia) today launched the UOB Lady’s Savings Account, the only financial solution for women in Malaysia that combines a savings account with complimentary1 takaful coverage for six female-related cancers2.
According to a 2018 survey conducted by Malaysia’s Credit Counselling and Debt Management Agency (AKPK)3, only 55 per cent of women have the financial ability to cover medical bills of RM2,500 while 67 per cent could only afford RM1,000 for emergency expenses. In contrast, treatments for cancer patients in Malaysia may exceed RM10,000 depending on the diagnosis, cancer stage and treatment type4. The total cost of treatment also depends on whether the patient seeks care at a public or private hospital.
Mr Ronnie Lim, Managing Director and Country Head of Personal Financial Services (PFS), UOB Malaysia, said that the Bank designed the UOB Lady’s Savings Account to help women grow their nest egg while protecting their savings against six female-related cancers in the event of a diagnosis.
“As more women enter the workforce each year5, they wear many hats; they might be managing their careers, running a business, taking care of their ageing parents or running the household. Having to juggle several responsibilities, women tend to place their own financial and health well-being lower on the priority list. Recognising the need for women to prioritise their own well-being even as they care for others, we designed the UOB Lady’s Savings Account to help our female customers safeguard their financial future and health.
“The number of our female bank account holders has grown by 49 per cent6 since 2017, signifying that more women understand the importance of managing their finances. However, they may not be doing enough to protect their savings in the event of a cancer diagnosis. Given that the number of cancer cases7 detected in women has continued to increase, we want to encourage our female customers to protect their savings against the common female-related cancers while they grow their wealth,” Mr Lim said.
Health is wealth with the UOB Lady’s Savings Account
To help women protect their wealth and health, UOB Malaysia has partnered Prudential BSN Takaful Berhad (PruBSN) to offer complimentary protection coverage for six female-related cancers as part of the UOB Lady’s Savings Account. The coverage amount is based on their monthly average account balance maintained over the past month. For example, if the account holder maintains an average balance of between RM80,000 and RM100,000, she will receive up to RM100,000 in coverage. If she saves more than RM100,000 on average, the coverage will increase to RM200,0008.
Mr Wan Saifulrizal Wan Ismail, Chief Executive Officer of PruBSN, said, “We believe women deserve a financial solution that reflects their specific financial and health needs. Putting the needs of others before themselves is a common tendency among women. If left unchecked, this could take a toll on their physical and mental health. It is now more important than ever to have adequate protection coverage that puts their well-being first.”
Over the past three years, 45 per cent9 of PruBSN’s total critical illness claims were from females, with the top two female-related claims being breast cancer and ovarian cancer.
Malaysia is the second market where UOB has launched the UOB Lady’s Savings Account to help women build their wealth while also filling a gap in medical insurance coverage. The Bank plans to roll out the financial solution across the ASEAN region over the next year.
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 comes with annual health screening benefits for account holders who maintain a minimum average balance of RM20,000 for the preceding six months10. The complimentary health screening is also transferable to the account holder’s dependants, including parents, spouses and children11.
At launch, the Bank will be offering UOB Lady’s Savings Account holders Lazada vouchers upon signing up online. Additionally, they will receive Zalora vouchers12 and cashback rewards worth up to RM38813 when they sign up for the UOB Lady’s Card and insurance/takaful protection from the Bank’s participating partner.
For more details on the UOB Lady’s Savings Account, please visit: https://www.uob.com.my/lsa/index.html.
1 Account-holders up to age of 61 (age next birthday) will be eligible for the complimentary female cancer coverage
2 The six cancers covered under the UOB Lady’s Account are: breast, cervix uteri, uterus, fallopian tube, ovary and vagina/vulva.
3 Source: AKPK 2018 Report on Financial Behaviour and State of Financial Well-Being of Malaysian Working Adults
4 Source: Prudential BSN Takaful Berhad data from 2017 to 2019
5 Women’s labour force participation rate (LFPR)
6 Source: UOB Malaysia female savings and current account holders’ data from 1 January 2017 to 30 June 2020“The number of our female bank account holders has grown by 49 per cent since 2017, signifying that more women understand the importance of managing their finances. However, they may not be doing enough to protect their savings in the event of a cancer diagnosis. Given that the number of cancer cases detected in women has continued to increase, we want to encourage our female customers to protect their savings against the common female-related cancers while they grow their wealth,” Mr Lim said.
7 Source: Malaysian National Cancer Registry Report from 2007 to 2016. According to the report, the number of cancer cases among women compared to men increased from 54.8 per cent between 2007 to 2011 to 55.3 per cent between 2012 to 2016.
8 Subject to terms and conditions, please visit www.UOB.com.my
9 Source: Prudential BSN Takaful Berhad data from 2017 to 2019.
10 Subject to terms and conditions, please visit www.UOB.com.my
11 Subject to terms and conditions, please visit www.UOB.com.my
12 The Zalora vouchers are subjected to terms and conditions of the campaign where there shall be a minimal of three eligible spending within 60 days of Lady’s Card approval date.
13 The cashback rewards are subjected to terms and conditions, for more information, please visit www.UOB.com.my.The promotion is valid until 31 December 2020.