Stanbic Bank joins Prudential Uganda to offer new insurance package

June 22, 2022 in Business, Finance, Financial Services, Investment by Editor

Stanbic Uganda and Prudential executives launched the product at a news conference in Kampala. Stanbic MediProtect is a flexible insurance cover allowing clients who already have an insurance cover by virtue of their employment, to buy a medical insurance package for their loved ones and dependents who may not fall under their employer’s cover.

Starting at UGX600,000, (about $166), Stanbic Bank Uganda customers can buy for themselves and loved ones Stanbic MediProtect, an annual medical insurance cover of up to UGX20 million in a joint offer being made by the bank and Prudential Uganda Limited.

During a news conference today, Sam Mwogeza, the Stanbic Bank 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.”

In the absence of a National Health Insurance scheme, the Stanbic Bank MediProtect is the closest a Ugandan without formal medical cover from an employer can get an affordable health insurance.

MediProtect is open to Stanbic Bank Uganda customers and any of their nominated dependents, irrespective of age. Ugandans 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 UGX20 million in annual value.

The Gold package whose premium costs UGX1,000,000 offers up to UGX70 million in medical cover value for a year while Platinum category available at UGX2 million gives policy holders nearly UGX120 million in annual value—and a long list of benefits. MediProtect cover can be accessed by policy holders at over 380 medical outlets across the country, that affiliated to Prudential Uganda.

Tetteh Ayitevie, the CEO Prudential Uganda said, “Our purpose at Prudential is to help people make the most out of life and we believe that Stanbic MediProtect is a demonstration that we are dedicated to helping individuals and families in every step of their health, wealth, and wellness journey; by ensuring they can afford good medical care, which is core to good health. We are therefore happy to partner with Stanbic Bank to provide this health insurance Plan and urge all Stanbic Bank’s customers to cover their relatives, friends and loved ones.”

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.

Stanbic MediProtect is a flexible insurance cover allowing clients who already have an insurance cover by virtue of their employment, to buy a medical insurance package for their loved ones and dependents who may not fall under their employer’s cover. The product also covers advanced age adults of up to 75 years and can be accessed by anyone regardless of geographical location throughStanbic Bank’s website: https://bit.ly/stanbicmediprotect

Dogo Singh, the Head of Bancassurance at Stanbic Bank Uganda said, “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.”

According to Paul Nagemi, the Chief Health Officer at Prudential Uganda, the new product underscores the importance of having something set aside for a rainy day including both savings and health insurance.  He said, “We are glad to not only unveil this partnership with Stanbic Bank Uganda but also launch this unique product that will enable customers to add as many beneficiaries as they want to, at very affordable contributions. The beneficiaries can be their immediate, extended family or financial dependents. This product provides competitive outpatient (dentistry, optical antenatal and inpatient benefits in over 200health facilities country wide.”