FREE Life Insurance with GSave!

Promo Mechanics

  • 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.

Frequently Asked Questions

GSave account holders who maintain a minimum average daily balance of PHP 5,000 for one 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.

GSave account holders who maintain a minimum average daily balance of PHP 5,000 in a given month.

Eligibility is determined by Average Daily Balance within a given month. GSave account holders must maintain an average daily balance of no less than PHP 5,000 in a given month to receive the FREE Life Insurance.

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

Yes, the following individuals are not eligible to get the FREE Life Insurance: 

  1. Individuals with a monthly average daily balance of less than PHP 5,000
  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.

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.