United Overseas (Malaysia) Bhd (UOB Malaysia) has launched the UOB Lady’s Savings Account, the only financial solution for women in Malaysia that combines a savings account with complimentary takaful coverage for six female-related cancers.
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 year, 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 percent 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,” Lim said.
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 RM200,000.
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.”
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.
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 months. The complimentary health screening is also transferable to the account holder’s dependants, including parents, spouses and children.
At launch, the Bank will be offering UOB Lady’s Savings Account holders Lazada vouchers upon signing up online. Additionally, they will receive Zalora vouchers and cashback rewards worth up to RM388 when they sign up for the UOB Lady’s Card and insurance/takaful protection from the Bank’s participating partner.
According to a 2018 survey conducted by Malaysia’s Credit Counselling and Debt Management Agency (AKPK), only 55 percent of women have the financial ability to cover medical bills of RM2,500 while 67 percent 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 type. The total cost of treatment also depends on whether the patient seeks care at a public or private hospital.