Insurance in Uganda keeps growing, with companies collecting UGX 1.6 trillion in 2023, up 11.29% from the previous year. Despite this growth, only about 4.5% of Ugandans have insurance coverage.
New services like Equi-Life aim to change this situation. This microinsurance program comes from Equity Bank Uganda with partners. It offers hospital cash benefits during stays at medical facilities. The program also provides end-of-life financial support to families.
Members pay just UGX 3,000 monthly through their bank accounts. The policy activates quickly, with hospital benefits available after 48 hours. Life benefits become available after three months unless death happens from accidents.
Hospital benefits include UGX 50,000 per night starting from the second night up to 20 nights yearly. The program also gives UGX 3 million to family members after a death. Both benefits work for people aged 18 to 75.
Three organizations make Equi-Life possible. Equity Bank handles marketing and payments, Liberty Life Assurance manages risks, and Turaco Microinsurance runs the technical systems and ensures claims are paid within three days.
New services like Equi-Life aim to change this situation. This microinsurance program comes from Equity Bank Uganda with partners. It offers hospital cash benefits during stays at medical facilities. The program also provides end-of-life financial support to families.
Members pay just UGX 3,000 monthly through their bank accounts. The policy activates quickly, with hospital benefits available after 48 hours. Life benefits become available after three months unless death happens from accidents.
Hospital benefits include UGX 50,000 per night starting from the second night up to 20 nights yearly. The program also gives UGX 3 million to family members after a death. Both benefits work for people aged 18 to 75.
Three organizations make Equi-Life possible. Equity Bank handles marketing and payments, Liberty Life Assurance manages risks, and Turaco Microinsurance runs the technical systems and ensures claims are paid within three days.
