In a groundbreaking move, Equity Bank has partnered with Liberty Life Assurance to launch an innovative hospital cash insurance product called Equi-Life. This affordable product is designed to provide financial security and healthcare access to customers and the general public.
Speaking at the launch, Equity Bank’s Managing Director, Gift Shoko, emphasized the importance of financial protection for individuals and families. “Africa thrives on the spirit of hustlers, driving its economy forward. But what happens when the backbone of a family, the hustler, falls ill?” he asked.
Gift Shoko-Managing Director Equity Bank speaking during the Event
As Equity Bank, we recognize the challenge faced by individuals, especially those in the informal sector, when it comes to unexpected expenses associated with hospitalization,” said Mr. Shoko. “The Equi-Life insurance product offers a safety net to protect our customers and provide critical financial relief for their families.”
Liberty Life Assurance’s Managing Director, Joseph Alimeida, reaffirmed his company’s dedication to providing accessible and meaningful insurance solutions. “We are proud to collaborate with Equity Bank to introduce a product that truly meets the needs of the underserved.” Liberty Life has a good record in paying claims, and this is an assurance to our customers that we will serve you well.
Joseph Alimeida-CEO Liberty life Assurance speaking at the launch Equi-life product
James Sserumaga, Senior Manager for Bancassurance at Equity Bank, noted that the Equi-Life product focuses on two key benefits, hospitalization and life insurance. Customers can pay as little as UGX 3,000 per month, securing coverage for up to 20 days of hospitalization after discharge, and a death benefit of up to UGX 3,000,000.
The product is designed for individuals in the informal sector, small business owners, and low-income earners. Customers who enroll in the scheme will receive a daily cash benefit of UGX 50,000 for every day spent in the hospital, up to 20 days, easing the burden of lost income and medical bills after discharge.
To enroll, customers can visit any Equity Bank branch or EquiDuuka Agent, fill out a simple form, and make monthly payments at any Equity Bank Agent point.
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