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
Juan opened his GSave account in July 2020
Juan’s latest balance (last day of July) is 150,000
Juan’s coverage is (150,000 / 3) = 50,000 x 1 = 50,000
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.
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 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.
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.
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.