UOB Thailand and Prudential Thailand launch the UOB Lady’s Savings Account to help women grow their wealth and protect their health
First saving accounts in Thailand with complimentary female-related cancer insurance coverage
Bangkok, 12 May 2021 – UOB Thailand and Prudential Life Assurance (Thailand) Public Company Limited (“Prudential Thailand”) have launched the UOB Lady’s Savings Account, the first financial solution for women in Thailand that combines a savings account with complimentary[1] insurance coverage for seven female-related cancers[2]. This market-first financial solution is designed for women who may not be placing enough emphasis on their own financial and health needs.
In Thailand, cancer is one of the leading causes of death among Thai women. Breast cancer is the most common cancer diagnosis among Thai women and was one of the top three causes of death in 2020. Currently, most health insurance plans available in Thailand only partially cover the costs of cancer treatments.
Mr Yuttachai Teyarachakul, Managing Director, Country Head of Personal Financial Services, UOB Thailand, said, “Our intention in creating the UOB Lady Savings Account in collaboration with Prudential Thailand is to help women take care of themselves and protect their savings in the unexpected event of cancer being diagnosed.”
“Women these days are juggling multiple roles every day. They are managing careers, running businesses, taking care of children or ageing parents and running households. Having to wear multiple hats, women tend to place their financial health and well-being last. While we have seen deposits made by our female customers grow by 44 per cent in the past five years, we wanted to design a savings account that would mitigate the erosion of their savings pot in the event of an unexpected cancer diagnosis.”
Mr. Aman Kapoor, Chief Distribution Officer, Prudential Thailand, said, “The UOB Lady’s Savings Account is designed to cover the medical expenses for treatments of seven female-related cancers, especially breast cancer and cervical cancer, which are the top two most common types of cancers faced by females in Thailand and account for 40 per cent and 15.3 per cent of cancer rates respectively[3].
“Our mission is to protect the health and well-being of Thai people by offering the best-in-class and easy-to-understand insurance products and solutions. This financial solution aims to help cushion women’s potential financial burden so that they can lead a healthier and more secure life.”
The complimentary coverage for the UOB Lady’s Savings Account ranges between 10,000 and 2,000,000 baht, based on the account holder’s monthly average balance maintained over the last three months. For example, if an account holder saves 50,000 baht on average over the last three months, she will receive 100,000 baht in cancer coverage. A minimum monthly average balance of 1,000,000 baht must be maintained in the previous three months to qualify for the maximum sum insured of 2,000,000 baht.
For more details on the UOB Lady’s Savings Account, please visit https://www.uob.co.th/personal/deposits/saving/lady-account.page
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About UOB Thailand
United Overseas Bank (Thai) Public Company Limited (UOB (Thai)) is a fully-licensed commercial bank with its network of 152 branches, 410 ATMs nationwide (as of 31 January 2021). UOB (Thai) is 99.66 per cent owned by Singapore-headquartered United Overseas Bank Limited (UOB), which has a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America.
UOB Thailand is rated among the top banks in Thailand: AAA by Fitch Ratings. We offer innovative financial solutions, quality products and excellent services through understanding and identifying the needs of our customers.
Generations of UOB (Thai) employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues. We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB Thailand is steadfast in its support of social development, particularly in the areas of art, children and education.
About Prudential in Thailand
Prudential has operated in Thailand for more than 25 years through Prudential Life Assurance (Thailand) Public Company Limited. Prudential serves more than 1.6 million customers in Thailand and manages more than Thai Baht 112 billion of assets on their behalf. In 2020 the Thailand business grew IFRS operating profits by 23 per cent to USD 203 million and Life Weighted Premium by 8 per cent to USD 667 million. (31 December 2020 figures)
For media queries, please contact:
UOB Thailand
Yada Srisammasheep
Strategic Communications and Customer Advocacy
Email : yada.sri@uob.co.th
Tel: +66(0)2343 4965; Mobile: +66(0)84640 0058
Prudential Life Assurance (Thailand) Public Company Limited
Kanokraht Thimbuntham / Nitipong Srisoontaraporn
Tel. 0 2352 8115 / 0 2352 8573
Kanokraht.Thimbuntham@prudential.co.th
Nitipong.Srisoontaraporn@prudential.co.th
- Account-holders with entry age from 15 to 55 (age last birthday) and never diagnose cancer will be eligible for the complimentary female cancer coverage up to age 65 ↑
- The seven cancers covered under the UOB Lady’s Account include breast cancer, cervix uteri cancer, uterine cervical cancer, uterus cancer, ovary cancer, vaginal cancer and vulva cancer. ↑
- Source: Hospital-based Cancer Registry 2019, National Cancer Institute, Ministry of Public Health of Thailand ↑