• GSave account holders who maintain a minimum average daily balance of PHP 5,000 in a given month will be able to enjoy FREE Life Insurance* with the following features:
  • Age eligibility between 18 and 64 years old.
  • No medical check-up required.
  • 1x coverage of the average daily balance** of the depositor, up to a maximum coverage limit of PHP 250,000. Or if the Eligible Member’s GSave account has been active for less than 3 months, the computation of coverage will be 100% of the client’s GSave account’s latest balance*** divided by 3, up to a maximum coverage limit of PHP 250,000.
  • Coverage is renewed on a monthly basis subject to depositor meeting the requirement of minimum PHP 5,000 average daily balance.

* Proof of coverage serves as official documentation of the FREE life insurance coverage.
** Average daily balance of the past three calendar months prior to Insured’s demise.
*** Latest balance is the last recorded balance of the month prior to the month of coverage.

• Average Daily Balance is computed as:
  • Add all end of day balances for month / number of days
    • Example 1:
      • Juan’s end of day balance everyday for the month was PHP 5,000
      • (PHP 150,000 * 30 days) / 30 days = PHP 5,000
      • Juan is eligible for FREE Life Insurance
    • Example 2:
      • Juan’s end of day balance was PHP 20,000
      • (PHP 20,000 * 30 days) / 30 days = PHP 20,000
      • Juan is eligible because his ADB is more than PHP 5,000
    • Example 3:
      • Juan’s end of day balance for July 1 – 15 was PHP 150,000
      • Juan’s end of day balance for July 16 – 30 was PHP 200,000
      • (PHP 150,000 * 15 days) + (PHP 200,000 * 15 days) / 30 days = PHP 175,000 ADB
      • Juan is eligible because his ADB is more than PHP 5,000

• Life Insurance coverage is computed as:
  • 1x coverage of the average daily balance**
  • Account holders can receive a maximum coverage amount of up to PHP 250,000 OR if the Eligible Member’s GSave account has been active for less than 3 months, the computation of coverage will be 100% of the client’s GSave account’s latest balance*** divided by 3, up to a maximum coverage limit of PHP 250,000.

* Proof of coverage serves as official documentation of the FREE life insurance coverage.
** Average daily balance of the past three calendar months prior to Insured’s demise.
*** Latest balance is the last recorded balance of the month prior to the month of coverage.

• CIMB will send a certificate of cover to them to inform them they’re covered for the month. This will be sent via email & SMS.