How to Open a BPI Save Up Account with Free Insurance

I have been spending the 2nd half of my 25th year on earth eager to secure myself and my family finacially. For me, the first step would be having an emergency fund. Then, after some time, I realized I needed an insurance in case I wouldn't be here anymore to provide for my family. Not that I'm married but because only my sister and I can provide wherein I am the one shouldering the bulk of expenses for our extended family. I can't exactly recall how and when I started believing on the importance of insurance. Thanks to the internet for helping us millenials develop our research skills and learn about sensible stuff in the process. Oh yes, I'm considering myself a millenial for this matter though I really think I'm more of a 'tita' in so many ways. I still remember myself during college years and after graduation getting annoyed by the persistent agents scattered inside malls asking if you have an ATM/credit card, how much is your savings, do you know that they reward big-savers and offering insurance thereafter. Anyway, congrats to a 'budgetarian' like me for finding something which provides instant insurance by just saving automatically.

Then I found out about BPI Save Up with free insurance. I have read good and bad reviews but in the end, I still decided to open up an account. It's sad that it isn't possible to open a BPI Save Up account online anymore. I even emailed BPI Direct but did not receive any response. I realized that I really have to do it physically. So, last January 26, 2018, I went to BPI UP Town Center and got a queue number for customer service. When it was finally my turn, I said I want to open a BPI Save Up account. The lady asked where I live, checked my ID and asked for a 1x1 picture. I didn't have a 1x1 picture so she just gave me the customer information sheet and told me to go back with the accomplished sheet and picture. But I really wanted to achieve something that day so I went directly to BPI TriNoma. Luckily, I was able to open a BPI Save Up account because the one who attended to me was resourceful.  She photocopied my photo-bearing ID and cut out my picture from there. I just filled out the customer information sheet, another white card for the Save Up account information and the BPI Save Up application form.

So much info needed, you can just print this and accomplish before you go to the bank.

After an hour I got my red info card with handwritten details. On the same day, I enrolled my newly opened Save Up account in online banking. Within 3 banking days, the enrollment reflected in my bpiexpressonline account. How did I do it? Click here.

Based on my experience, to ease your application, you have to bring with you the following:
1. 1 valid ID
2. 1x1 picture
3. BPI Peso Deposit Savings Account details (account number needed in the application form as source account, no need to show ATM card or passbook but I suggest you bring it with you)
4. SSS# and TIN (also needed in the application form, no need to show IDs)
5. email address used in bpiexpressonline

There are 2 options for a Save Up account. Obviously, I chose the one with free life insurance. Based on their website:

• No medical check-ups required
• Coverage equal to as much as 10x the account’s balance
  • Basic Life: 5x the account's average MTD-ADB** up to PHP 2 million.
  • Accidental Death: additional 5x the account's average MTD-ADB** up to PHP 2 million.
  • Accidental Dismemberment up to PHP 2 million.

To know more about the master policy of the insurance and claims filing, check here: General Provisions. It would have been better if BPI immediately provide hard copy of this policy at the time of application.

Totally hassle-free way of getting an insurance, right? You can even decide the frequency and amount for the scheduled fund transfer. Go grow glow, pips, save up and be insured! 😊