KUALA LUMPUR – United Overseas (Malaysia) Bhd (UOB Malaysia) has recently 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 as written by UOB.
According to a 2018 survey conducted by Malaysia’s Credit Counselling and Debt Management Agency (AKPK), only 55% of women have the financial ability to cover medical bills of RM2,500 while 67% 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.
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.
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.
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% of PruBSN’s total critical illness claims were from females, with the top two female-related claims being breast cancer and ovarian cancer.
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.
Read more: Women & Money: 12 Things You Need To Know
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