Equity Bank Uganda, in partnership with Liberty Uganda and Turaco, has launched a new insurance product, EquiLife, aimed at providing financial security to Ugandans, particularly those at the bottom of the economic pyramid.
Speaking at the launch on Thursday in Kampala, Liberty Uganda Managing Director Joe Almeida stated that the product was developed based on research showing that many Ugandans struggle to cover medical expenses.
“With this product, we aim to solve that problem,” Almeida noted.
EquiLife is designed as a hospital cash insurance plan, allowing customers to pay as little as UGX 3,000 per month and receive UGX 50,000 per day for up to 20 days of hospitalization. Additionally, the policy also includes funeral expense coverage of up to UGX 3 million.
Equity Bank Uganda Managing Director Gift Shoko emphasized the product’s affordability and long-term sustainability.
“When a hustler falls sick and is unable to work, it takes a toll on the business. That’s why we created a product that is both affordable and sustainable, designed for those who rely on daily income to support themselves and their families,” he explained.
Cedrick A. Todwell, Director of Business Development at Turaco Uganda, highlighted the need to address low insurance penetration in Uganda.
“Optimistic bias has prevented many from embracing insurance, but this partnership seeks to build financial resilience for Ugandans. EquiLife will provide quick and efficient claim processing,” he said.
The launch also introduced singer Vinka as the official brand ambassador for EquiLife. Expressing her excitement, she noted, “I know this product is going to transform not just my life, but the lives of Equity Bank customers. I cannot wait to use my influence to spread the word and encourage people to sign up.”
Through this partnership, EquiLife seeks to empower millions of Ugandans with the financial protection they need, reinforcing the vision of ensuring that every individual is covered against unforeseen health expenses.
