Bancassurance is a partnership between an insurance company and any banking institution for purposes of distributing insurance products to the bank’s clients.
This channel helps insurers reach new markets with minimal investments since all infrastructure belongs to the bank and the banks earn commission as an intermediary.
Martha Aheebwa, Head Bancassurance at Standard Chartered Bank explained more about the bank’s newly launched customized Bancassurance products.
Standard Chartered Bank launched Bancassurance two years ago with motor, travel, property, and business insurance but has 2 new products. Tell us more about Educare.
Educare is an investment focused insurance product that allows parents and guardians to save for the future education of their children while at the same time safeguarding against financial distress that might be caused by unforeseen events such as critical illness, physical incapacity, and loss of life.
Although Educare is targeted mainly to parents and guardians, it is available to all people within the age group of 18 to 65 years and will provide life insurance cover up to the age of 85 years, secured through payment of regular premiums.
A policy owner can choose to have a policy with a term of between 9 and 16 years with a maximum sum assured of sh950m. The minimum monthly premium payable on this product is sh250,000.
You also rolled out the Super E-Plus plan. What is that one about?
Super E-Plus is another impeccably crafted Bancassurance product that provides a first-of-kind benefits in the market. It is a savings vehicle with a very competitive internal rate of return with additional risk benefits such as critical illness and disabilities that are not commonly covered on the Ugandan market, including death benefits as a result of Covid-19.
With this product, our members enjoy investment returns that beat inflation, partial access to savings within the investment period, flexible life cover benefits without evidence of medical underwriting, automatic waiver of premium following critical illness and disability and they qualify for a policy loan after 12 months of cover. Both the Educare and Super E-Plus products are underwritten by Sanlam Life Insurance (Uganda) Limited.
Who is eligible for the Educare and Super E-Plus Bancassurance products?
Parents / guardians / Individuals with financial dependents especially school-going children and young families, anyone looking for an avenue for wealth creation and investment, people planning for their retirement, people looking to save up for any future goals, employed and self-employed are all eligible.
These products are available only through Standard Chartered to our existing clients, however we welcome non-clients who are interested to open our Digital Life Account to access these products.
Why should anyone take out these insurance products? What are the benefits?
As you can tell, these are great products for anyone that is committed to guarantee their future and that of their loved ones. The current times have particularly demonstrated that the only time we can be sure we have is now and we must use it to be future ready.
Insurance is about financial planning and protection to absorb the shock in case of an unforeseen eventuality such as illness, disability and death. It takes care of the “what-ifs” in financial planning.
Our insurance solutions cushion and protect you from the financial impact of unfortunate events, while at the same time providing an investment vehicle.
Clients who choose to take out insurance policies through Standard Chartered Bank will therefore benefit from a unique suite of customised insurance products that have been tailored specifically to cater to their lifestyles.
We are confident that the products we have rolled out under Bancassurance will take care of our clients’ insurance protection needs and provide additional convenience as they are able to take out a policy as they undertake their normal banking.
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Furthermore, our clients will benefit from expert advice offered by our well-trained bank staff and an unrivalled service experience arising from the contractual service standards agreed upon between ourselves and the insurance companies which is differentiated. Our Bank staff will assist clients with following up claims’ settlement and documentation, so they focus on their other business.
Any final words?
We are delighted to have rolled out the Educare and Super E-Plus Bancassurance products to our clients and appeal to everyone to save for a comfortable and secure future with added protection, catering for unforeseen occurrences. You can trust us to cater to your insurance needs as a trusted financial services provider that has been in operation in Uganda for the last 108 years.