MANILA – Customers of CIMB Bank Philippines who are eligible for FREE Life Insurance increased by 1200% over the last 3 months. This is in line with the digital bank’s commitment to champion financial inclusion in the Philippines.
In December 2020, CIMB Bank was able to increase its insurance penetration among its customers through its attainable mechanics. UpSave and GSave depositors would just have to maintain PHP 5,000 to get free life insurance coverage that's worth their average daily balance up to PHP 250,000.
After seeing strong traction with its customers, CIMB Bank Philippines launched the Savings Starter Pack targeted to encourage the habit of saving among the youth, specifically to students and first jobbers aged 18 to 25 years old. The Savings Starter Pack rewards first-time bank account holders with free PHP 50,000 Personal Accident Insurance Coverage coupled with 4.0% interest rate per annum upon a monthly deposit of just PHP 500.
CIMB Bank Philippines Chief Executive Officer Vijay Manoharan said, “This is our response to our ever-changing customer’s needs after learning that more than half of our customers are looking for insurance coverage. And since insurance awareness is relatively new in the Philippines even when compared to other neighboring countries, we want to raise the awareness and have more Filipinos protected with basic insurance, which is an important part of their financial planning.”
These attainable mechanics incentivized existing customers to save more; while encouraging more Filipinos to sign-up to CIMB Bank Philippines.
As a testament to CIMB Bank’s drive towards financial inclusion, Global Banking & Finance Review awarded the digital bank as the Best Digital Bank in the Philippines for 2021; and recognized Vijay Manoharan as the Banking CEO of the Year.
“We are grateful for the continuous support of our over 3 million and growing CIMB Bank registered customers. Being recognized with 25 international awards drives us to continue our mission of giving access to formal bank accounts to more Filipinos as we offer them the best experience with high savings rates, no fees for our savings account, coupled with Free Life and Personal Accident Insurance to help Filipino families get ahead and protect their families.” said Vijay.
To date, CIMB Bank Philippines has accumulated 30 international awards, making it the most awarded digital bank in the Philippines.