UOB Indonesia launches the UOB Lady’s Account to help women grow their wealth and protect their health at the same time

Jakarta, 1 March 2021 – UOB Indonesia today launched the UOB Lady’s Account, a savings account designed for women which enables them to grow their wealth while also providing insurance coverage in the event of a critical stage cancer diagnosis. UOB Indonesia is the only financial institution in Indonesia to offer this unique financial solution which combines savings with complimentary critical illness insurance protection for six female-related cancers.

According to the Indonesian Cancer Foundation, the average cost for cancer treatment in Indonesia can reach up to IDR100 million per month, depending on the type of cancer and health facilities needed by the patient. With about 35 percent of women in Indonesia not covered by health insurance2 , the financial costs of cancer treatment could erode their savings and bring about unnecessary stress and anxiety that takes away their focus on recovery.

Khoo Chock Seang, Head of Personal Financial Services and Digital Bank UOB Indonesia said that the Bank is committed to helping its female customers, who make up 44 percent of all UOB Indonesia account holders, achieve their financial aspirations and enjoy the peace of mind that health insurance can provide.

“UOB Indonesia is committed to providing the best wealth advisory services to our female customers, not only in helping to develop their financial portfolio but also protecting their assets against risks. Given the increased number of cancer cases among women in 2020, we have partnered Prudential Indonesia to design a savings account that covers account holders against six of the most common female-related cancers at their critical stage.”

Ivy Widjaja, Chief Partnership Distribution Officer Prudential Indonesia, said, “At Prudential Indonesia, we understand that women are more prone to health risks such as cancers, leading to physical and mental health issues. Through our strategic collaboration with UOB Indonesia, women can now enjoy guaranteed access to health protection through Lady’s Account Critical Cover, a critical illness insurance product that covers six major women’s cancers. In line with Prudential Indonesia’s aspiration to make Indonesian healthier and wealthier, this product allows women to put their wellbeing as their top priority while at the same time supporting them in achieving their financial wellness goals.”

The development of the UOB Lady’s Account is part of UOB’s strategic regional partnership with Prudential. The account is also available to customers in Malaysia and Singapore. The UOB Lady’s Account also complements the UOB Lady’s Card, the Bank’s flagship credit card for women across the region. The UOB Lady’s Card gives cardmembers the choice to earn bonus reward points in categories which align with their lifestyle priorities.

About the UOB Lady’s Account
The UOB Lady’s Account provides complimentary critical illness protection coverage against six female-related types of cancer. UOB Lady’s Account holders are eligible for coverage from the first rupiah in their account and will not need to go through an underwriting process5 . The health insurance policy tied to their UOB Lady’s Savings Account will remain active as long as the customer maintains the average monthly balance from the previous three months and follows the terms within the insurance policy. For example, if the account holder saves between IDR25 million to IDR50 million on average over the past three months, she will receive IDR50 million critical illness protection coverage. If the account holder saves more than IDR1 billion, the sum assured increased to IDR2 billion.

Given that the average cost of cancer treatment could reach IDR1.2 billion per year, the insurance benefit in UOB Lady’s Account can help to fill any gaps in medical insurance coverage that UOB Lady’s Account holders may have.

For more information on UOB Lady’s Account, please visit www.uob.co.id/ladysaccount.