FREE Insurance with Save Money

Promo Mechanics

  • This offer is exclusive to all GSave account holders that have an Average Daily Balance of at least 100,000 in a given month. 
  • If an account holder has an Average Daily Balance (ADB) of at least P100,000 in a given month, he/she will be eligible for free insurance during the next month
    • Example: if ADB is P100,000 in July, user will receive insurance coverage in August
  • Average Daily Balance is computed as:
    • Add all end of day balances for month / number of days
      • Example 1:
        1. Juan’s end of day balance everyday for the month was 150,000
        2. (150,000 * 30 days) / 30 = 150,000
        3. Juan is eligible for free insurance coverage next month
      • Example 2:
        1. Juan’s end of day balance was 20,000
        2. (20,000 * 30) / 30 = 20,000
        3. Juan’s ADB is 20,000
        4. Juan is not eligible because his ADB is not 100,000 or more
      • Example 3:
        1. Juan’s end of day balance for July 1 - 15 was 150,000
        2. Juan’s end of day balance for July 16 - 30 was 200,000
        3. (150,000 * 15) + (200,000 * 15) / 30 = 175,000 ADB
        4. Juan is eligible because his ADB is more than 100,000
  • Insurance coverage is computed as:
    • 1x of Average Daily Balance (ADB)    
    • Account holders can receive a maximum coverage amount of up to P1,000,000 
    • If account has been open for more than 3 months:
      • 1x of ADB for past 3 months
      • Example:
        1. Juan opened his GSave account in April 2020
        2. Juan’s ADB for the month of May is 75,000
        3. Juan’s ADB for the month of June is 100,000
        4. Juan’s ADB for the month of July is 150,000
        5. Juan’s ADB for the past 3 months is 
          • (75,000 + 100,000 + 150,000) / 3 = 108,333
          • Coverage is  108,333 x 1 = 108,333
          • Coverage for the next month, August, is 108,333
      • Example:
        1. Juan opened his GSave account in April 2020
        2. Juan’s ADB for the month of May is 1,000,000
        3. Juan’s ADB for the month of June is 1,500,000
        4. Juan’s ADB for the month of July is 1,750,000
        5. Juan’s ADB for the past 3 months is 
          • (1,000,000 + 1,500,000 + 1,750,000) / 3 = 1,416,666
          • Coverage is  1,000,000 
          • Although Juan’s ADB is higher than 1,000,000, the maximum coverage amount an account holder can receive is P1,000,000
    • If account was open for less than 3 months
      • 1x of (Latest balance / 3)
      • Latest balance is the last recorded balance of the month prior to the month of coverage
      • Example:
        1. Juan opened his GSave account in July 2020
        2. Juan’s latest balance (last day of July) is 150,000
        3. Juan’s coverage is (150,000 / 3) = 50,000 x 1 = 50,000
        4. Coverage for the next month, August, is 50,000
  • Eligibility for free insurance coverage is valid for one month only.
  • Eligibility for free insurance coverage can be refreshed every month.
    • Example: 
      • Average Daily Balance must hit 100,000 within July 2020 to be eligible for coverage in August 2020. Account holders must hit 100,000 again in August to be eligible for coverage in September, and so on.
  • The GCash transactions must be done via the GCash App or CIMB Bank PH app.
  • Eligibility for free insurance will be checked every 1st of the month.
  • This exclusive perk is exclusive to GSave account holders until July 1, 2021.
  • Insurance package includes:
    • Free life insurance coverage up to P1 million pesos
    • Zero fees
    • Zero monthly premium
    • No medical checkup required
  • 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.

Frequently Asked Questions

What is the special perk?

Get free life insurance with GSave! Users that have an average daily balance of at least php 100,000 within a specific month will be eligible for coverage on the next month

Who can receive this special perk?

This offer is exclusive to all GSave account holders that have an Average Daily Balance of at least 100,000 in a given month

How do I receive this special perk?

Eligibility is determined by Average Daily Balance within a month. Average Daily Balance must be at least P100,000 for free insurance eligibility. Account holders must maintain 100,000 to receive coverage for the next month.

How will I know if I am eligible for the special perk?

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.

Are there individuals who are not eligible to join the campaign?

Yes, the following individuals are not eligible to join: 

  1. Individuals with a monthly average daily balance  of less than PHP 100K
  2. Individuals that do not have a GSave account
  3. Individuals who are younger than 18 years old or older than 64 years old.
  4. Individuals who close their GSave account within the coverage period.
  5. Individuals who are not natural persons
  6. Individuals who are not Actively-at-Work or Performing Normal Daily Activities

How many times can I renew my coverage?

There is no limit as to how many times you can renew your coverage. You can receive coverage in a given month then renew it the next month as long as you follow eligibility rules. You can get insurance coverage every month corresponding to the account (if there are multiple) with the highest eligible ADB.

How much can I receive from my insurance coverage?

Account holders can only receive an insurance coverage amount of up to P1,000,000.

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