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Life Insurance for Phillip Bank Customers

Chea Vannak / Khmer Times Share:

Customers with Phillip Bank will now have their saving deposits linked with a policy from Cambodia Life Insurance, after they reached an agreement on the service yesterday.
Depositors who open a new Term Deposit Plus savings account will receive life insurance protection on their money, up to a value of $20,000 explained Phillip Bank general manager Han Peng Kwang.
“We are a commercial bank in Cambodia. We are not life insurance business that is why we cooperate with Cambodia Life Insurance,” Mr. Han said, noting that the bank’s parent company, Phillip Group, does have its own life insurance businesses in Thailand and Singapore.
He said that the next-of-kin would receive a payment linked to their deposit amount in the event of death or permanent disability.
Life insurance in Cambodia is still relatively young, but it is growing increasingly competitive, explained Cambodia Life Insurance CEO Tondy Suradiredja.
“By having a partnership with Philip Bank, we hope we can improve public confidence in our products,” Mr. Tondy said.

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