Stanbic, Prudential In Joint Medical Insurance Cover Partnership

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With just UGX600, 000 investment, Stanbic customers will be able to acquire for an annual medical insurance cover of up to UGX20million.

The product is a joint offer by Stanbic and Prudential Uganda unveiled in Kampala recently.

Dubbed MediProtect, it is open to Stanbic customers and any of their nominated dependents, irrespective of age.

Customers can choose between three MediProtect packages based on affordability with the least priced policy being Silver—accessible at UGX600,000 per annum, which allows policy holders to enjoy medical cover worth up to UGX20m in annual value.

The Gold package whose premium costs UGX1,000, 000 offers up to UGX70m in medical cover value for a year while Platinum category available at UGX2million gives policy holders nearly UGX120million in annual value—and a long list of benefits.

Without a national health insurance programme—the product seem to be closest a Ugandan without formal medical cover from an employer may get an affordable health insurance.

Sam Mwogeza, Stanbic’s Executive Head for Consumer Banking said, “MediProtect is a direct lesson from our experience as a country in the last two years of the Covid-19 pandemic—we are offering a solution that enables every Stanbic Uganda customer to get medical insurance for themselves, relatives and loved ones and be assured of accessing professional medical care when they fall ill.”

Although medical insurance is fast growing in Uganda, 2018 research by Insurance Institute of Uganda found that only 5 per cent of Ugandans had health insurance—most of those are on corporate medical schemes sponsored by their employers.

“At the height of the Covid-19 pandemic, we lost many of our people who couldn’t afford medical bills even those deemed to be relatively well off, financially, were drained of all their cash savings due to prolonged hospitalisation.

“So, as leaders in our respective industries, we have decided to do something about it; to give our clients the opportunity to secure their lives such that they can afford to take care of their medical bills,” said Dogo Singh, the Head of Bancassurance at Stanbic said.

Tetteh Ayitevie, CEO Prudential Uganda said the product will help widen insurance penetration in the country which is currently under 1%.

Paul Nagemi, the Chief Health Officer at Prudential Uganda, this product underscores the importance of having something set aside for a rainy day including both savings and health insurance.

According to the World Health Organization Global Expenditure database, an estimated 38% percent of Uganda’s health expenditures are paid by individuals through out-of-pocket costs, followed by development partners (41%), the government (16%), and others (5%).

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