KAMPALA, Uganda — Equity Bank Uganda Ltd. has introduced an affordable hospital cash insurance product, Equi-Life, in partnership with Liberty Life Assurance.
The product, launched Thursday in Kampala, allows customers to pay 3,000 Ugandan shillings ($0.80) per month for coverage of up to 50,000 shillings ($13.50) per day for up to 20 days of hospitalization. It also includes a death benefit of up to 3 million shillings ($810).
Equity Bank Managing Director Gift Shoko said the product aims to alleviate the financial burden of hospitalization, ensuring families can focus on recovery rather than expenses
“We recognize the challenge faced by individuals especially those in the informal sector when it comes to unexpected expenses associated with hospitalization,” said Shoko. “The Equi-Life insurance product offers a safety net to protect our customers, and it will provide critical financial relief for their families.”
Mr. Shoko also 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.
Liberty Life Assurance Managing Director Joseph Alimeida said the product is designed to meet the needs of the underserved, providing financial support when needed most.
“Liberty Life Assurance is proud to collaborate with Equity Bank to introduce a product that truly meets the needs of the underserved,” said Alimeida. “Hospital cash insurance ensures that customers can access financial support when they need it the most.”
Customers who enroll in the scheme will receive a daily cash benefit of 50,000 shillings 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.
Customers can enroll in the scheme at any Equity Bank branch or EquiDuuka agent, with existing customers able to sign up through a single form. Monthly payments can be made at any Equity Bank agent point.
Equi-Life is underwritten by Liberty Life Assurance and regulated by the Insurance Regulatory Authority.
