Equity Bank Uganda, has unveiled popular Afrobeat singer Victoria
Nakiyingi aka Vinka, as the Brand Ambassador for Equi-Life, a
revolutionary new product that takes insurance to the masses; enhancing
financial security and access to healthcare for Uganda’s self-employed
majority.
Vinka’s role was revealed today, on the sidelines of a media launch of the
product that the bank is offering with partners Liberty Life and Insurtech
firm Turaco Insurance.
Customers will pay a premium as little as UGX3000 per month (UGX36,000
a year), to secure coverage of UGX 50,000 per day as replacement for lost
income, to a maximum of 20 days of hospitalization or UGX 1,000,000 in
any 12-month period. The policy also comes with an end-of-life benefit of
UGX 3,000,000. The health insurance is paid to the beneficiary after
discharge from any government licensed medical facility, while the death
benefit will be paid to the person the policy holder nominated as their next
of kin.
The groundbreaking insurance plan, the first of its kind on the Uganda
market aims to alleviate the financial burden that comes after
hospitalization, ensuring that families can focus on recovery rather than
worrying about expenses.
Officials further explained that the health coverage is not designed to settle
medical bills directly but rather to replace part of the income a policy holder
would lose is they got hospitalised and unable to engage in their daily
economic activity.
“We recognize the challenge faced by individuals especially those in the
informal sector when it comes to unexpected expenses associated with
hospitalization. The Equi-Life insurance product offers a safety net to
protect our customers, and it will provide critical financial relief for their
families,” said Equity Bank Managing Director Gift Shoko.
Mr Shoko pointed out the Bank’s commitment to providing integrated
financial services that not only bring business success but also give dignity
and transform the lives of its customers.
Turaco insurance will settle claims related to hospitalisation, while Liberty
Life will handle claims related to death of a policy holder.
Benefits will kick in after a policy holder has paid premiums for 3
consecutive months and will expire upon exhaustion of the 20-day
maximum.
Liberty Life Assurance, which spent two years researching the product,
reaffirmed its commitment to providing accessible and meaningful
insurance solutions.
“Liberty Life Assurance is proud to collaborate with Equity Bank to
introduce a product that truly meets the needs of the underserved. Hospital
cash insurance ensures that customers can access financial support when
they need it the most,” said Joseph Alimeida, Managing Director Liberty
Life Assurance.
Cedric Todwell, the Business Development Manager at Turaco said the
company was deploying AI solutions to expedite claim settlement with a
turnaround target of 48 hours from the policy holder submits admission and
discharge documents to support the claim.
Customers who enroll in the scheme will receive a daily cash benefit of
UGX50,000 for every day spent in the hospital, up to 20 days on
hospitalization, easing the burden of lost income and medical bills after
discharge from hospital. In addition, the policy includes a death benefit to
provide further security to beneficiaries.
Equi-Life insurance product is designed for individuals in the informal
sector, small business owners and low-income earners to support them
with expenses after hospitalizations, during their recovery process.
With healthcare risks and costs on the rise, the solution being offered by
Equity Bank and its partners at Liberty Life Assurance and Turaco
Insurance, is being seen as a timely intervention that supports financial
well-being among Uganda’s micro-level earners.
Customers can sign up for Equi-Life product at any Equity Bank EquiDuuka
or at the nearest Equity Bank branch. Enrolling has been simplified;
existing customers or a new customer can enroll from any of the
EquiDuuka Agent by filling a single form. Monthly premium payments can
also be made at any Equity Bank Agent points.
