Overview:

Mr Michael Segwaya, the Chief Finance Officer at Absa Bank Uganda, says the partnership will drive up insurance uptake in the country.

Absa Bank Uganda in partnership with Prudential Insurance have launched the Absa Family Protection Plan, a life insurance policy designed to help families plan for the financial needs faced during the loss of a loved one.

Speaking at the launch in Kampala on Wednesday, Mr Michael Segwaya, the Chief Finance Officer at Absa Bank Uganda, said the partnership will drive up insurance uptake in the country.

“There is a very low uptake of insurance in Uganda, which statistics are even lower when considering life insurance. By partnering with Prudential Uganda, we are expanding our Bancassurance offer towards ensuring that more Ugandans are insured,” he said.

The new Chief Executive Officer of Prudential Uganda, Mr Tetteh Ayitevie, said the company’s sole objective is to help people make the most out of life.

The new Chief Executive Officer of Prudential Uganda, Mr Tetteh Ayitevie, speaks at the function.

“Our purpose as Prudential Uganda is to help people make the most out of life. That is what insurance is about, managing risks and life’s uncertainties. We may not take the emotional pain away, but we can relieve the families of the financial stress. We are happy to further deepen partnership with Absa Uganda to provide this plan,” he said.

Musa Jallow, the Absa Retail Banking Director, said the insurance package is affordable.

“This product is affordably priced and offers more benefits than what is available on the market, which is going to be a key element of what it is going to take to encourage more Ugandans to invest in life insurance,” he said.

“As a bank, we will continue to play our part like we are doing today in line with our purpose to bring possibilities to life and help our customers get things done,” he added.

Mr Michael Segwaya, the Chief Finance Officer at Absa Bank Uganda, speaks at the function.

Depending on the package of choice, customers can get a funeral expenses one off payment of up to 10,000,000 UGX in the event of natural death or a payment of 20,000,000 UGX in the event of accidental death.

The policy caters to funeral expenses and other paybacks to help families navigate the unexpected hardships that arise during times of loss and grief. The cover is available to customers in three attractive packages of UGX 5,000, UGX, 10,000 and UGX 20,000 per month.