LANDBANK offers savings account with free insurance
STATE-RUN Land Bank of the Philippines (LANDBANK) has launched a savings account with free life or personal accident insurance coverage.
LANDBANK OptiSaver Plus is an upgraded version of its OptiSaver product and seeks to help customers grow their funds and achieve financial security through the free insurance coverage, it said in a statement on Wednesday.
The product has tiered interest rates of up to 4% per annum and provides depositors with free insurance coverage based on their average daily balance (ADB).
“With the LANDBANK OptiSaver Plus, we are empowering our clients to achieve financial growth while securing their future. By combining the benefits of higher savings potential and built-in financial protection, we are ensuring their hard-earned money works even harder for them as they build wealth with confidence,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.
“OptiSaver Plus account holders receive life insurance coverage which scales with account balance tiers, rewarding higher savings with greater financial protection. Meanwhile, personal accident insurance offers additional coverage against accidents resulting in injury or loss, ensuring a safety net for depositors and their families,” the bank said.
Depositors with a minimum ADB of P50,000 can receive either life or personal accident insurance coverage for free, LANDBANK said.
Meanwhile, those in the highest balance tier of P20 million or above will get both life and personal accident insurance.
“As a savings account, the LANDBANK OptiSaver Plus offers flexibility with no tenor, and allows account holders to unlimited deposits and withdrawals with seamless access through LANDBANK’s digital banking channels for cardless LANDBANK Visa Debit Card transactions and at all LANDBANK branches for passbook over-the-counter transactions,” the bank said.
Existing OptiSaver account holders will have their accounts automatically converted to OptiSaver Plus and only need to visit any branch to complete the required forms to avail of the free insurance coverage if qualified.
Those interested to open an OptiSaver Plus account can visit any LANDBANK branch and get a passbook for account monitoring.
LANDBANK’s net income declined to P35.36 billion in 2024 from the P40.27 billion in 2023, based on its financial statement posted on its website. — A.R.A. Inosante
