Equity Bank Managing Director, Gift Shoko (2nd left) and Joseph Alimeida (2nd Right), Managing Director Liberty Life Assurance are joined by other officials at the launch of Equi-Life. Customers on the cover will pay UGX3000 per month, securing coverage of UGX50,000 per day for up to 20 days of hospitalization.
In a landmark move to enhance financial security and healthcare access for its customers and the general public, Equity bank has launched an affordable hospital cash insurance product called Equi-Life in partnership with Liberty Life Assurance.
The new insurance product allows customers to pay as little as UGX3000 per month, securing coverage of UGX50,000 for up to 20 days of hospitalization, and a death benefit of up to UGX 3,000,000. The groundbreaking insurance plan, first of its kind on the Uganda market aims to alleviate the financial burden that comes after hospitalization, ensuring that families can focus on recovery rather than worrying about expenses.
“We recognize the challenge faced by individuals especially those in the informal sector when it comes to unexpected expenses associated with hospitalization. The Equi-Life insurance product offers a safety net to protect our customers, and it will provide critical financial relief for their families,” said Equity Bank Managing Director Gift Shoko.
Mr Shoko 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 also reaffirmed its dedication to providing accessible and meaningful insurance solutions. “Liberty Life Assurance is proud to collaborate with Equity Bank to introduce a product that truly meets the needs of the underserved. Hospital cash insurance ensures that customers can access financial support when they need it the most,” said Joseph Alimeida, Managing Director Liberty Life Assurance.
Customers who enroll in the scheme will receive a daily cash benefit of UGX50,000 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. In addition, the policy includes a death benefit to provide further security to beneficiaries.
Equi-Life insurance product is designed for individuals in the informal sector, small business owners and low-income earners to support them with expenses after hospitalizations, during their recovery process.
With healthcare risks and costs on the rise, this innovative partnership between Equity Bank and Liberty Life Assurance is a timely intervention to support financial well-being among Uganda’s micro-level earners. Customers can sign up for Equi-Life product at any Equity Bank EquiDuuka or at the nearest Equity Bank branch.
Enrolling is simple; existing customers or a new customer can enroll from any of the EquiDuuka Agent by filling a single form. Customers can also make their monthly payments at any Equity Bank Agent points.
A good initiative for low income people