Prudential Uganda has launched three new financial protection and savings products aimed at helping Ugandans plan for their children’s education, build long-term wealth and secure the financial future of their families.
The new products — Pru EduSave Plus, Pru Wealth and Pru Legacy were unveiled on Tuesday as the insurer marks 10 years of operations in Uganda, with the company saying the solutions have been developed from lessons gathered while serving its customers.
The products are designed to address three key financial priorities: preparing for children’s education, achieving medium and long-term financial goals, and creating a lasting financial legacy for loved ones.
Pru EduSave Plus is designed for parents and guardians saving towards a child’s education while protecting the plan against death or permanent total disability.
The product has a starting premium of Shs150,000 per month and runs for five to 15 years.
Customers can choose to receive their maturity benefit as a lump sum or through instalments aligned with their children’s future education needs.
In the event of death or total and permanent disability of the policyholder, the product provides an immediate benefit equivalent to 20% of the sum assured, capped at Shs10 million.
It also provides an annual income benefit equivalent to 20% of the sum assured, capped at Shs10 million, for the remainder of the policy term. Future premiums are waived, while the policy remains in force and pays 100% of the sum assured plus accrued bonuses at maturity, subject to the policy terms.
Pru Wealth targets individuals seeking to accumulate funds for medium and long-term financial goals. The plan requires a starting premium of Shs250,000 per month and runs for eight to 15 years. Customers can use the plan to save towards goals such as building or buying a home, raising business capital, funding education or other major financial needs.
According to Prudential Uganda Chief Operations Officer Brenda Nagudi, the product is intended to give customers a structured way of preparing for major financial commitments.
“You could have a need of building capital for your business. You could have a need for building a home or buying a home. You could have so many needs and you’ll need a lot of money at the same time,” she said.
Nagudi said customers agree on the amount they want to receive at the end of the selected period.
“The minimum time is 8 years and the maximum time for it is 15 years. We agree on a certain amount of money that we shall pay to you at the end of the period. So it is guaranteed that you’re going to receive this money.”
Prudential Uganda Chief Executive Officer Tetteh Ayitevie
Customers can make payments monthly, quarterly, biannually or annually.
Pru Legacy is a long-term wealth and family protection plan designed for people seeking to provide financial security for their loved ones and build a lasting financial legacy.
The product starts at Shs250,000 per month and runs for eight to 15 years, with optional critical illness and spouse cover.
Pru Legacy is distributed through Prudential Uganda’s banking partners, including Absa Bank Uganda and Stanbic Bank Uganda, allowing customers to access the product through participating bank branches.
Prudential said customers can also access its products through its financial consultants, agents, website and call centre.
Prudential Uganda Chief Executive Officer Tetteh Ayitevie said the new products are part of the company’s efforts to improve its solutions based on experience gained during its first decade in the Ugandan market.
“We are revising our products after 10 years of business on the market. We think that it’s important that the lessons we’ve learned be imbibed in new products that we’re rolling out,” she noted.
Ayitevie said the products are intended to help customers adopt a disciplined approach to long-term financial planning while protecting their families if they die before achieving their financial goals.
“What we do is to try to create a platform through a disciplined manner for you to get there.”
He said the role of insurance goes beyond saving, arguing that protection ensures a family can still achieve its financial objectives even when the person making the contributions dies before completing the plan.
“We come in to bridge the gap between what you’re paying and where you wanted to get to. And your family benefits, even though you are not finished in your journey,” he said.
Ayitevie said the products respond to common financial priorities among Ugandan families, particularly education, wealth creation and family protection.
“I want you to think about how we are protecting families, how we are securing the education of our children.”
He said Prudential’s experience serving customers over the past decade had informed the redesign and introduction of products that respond to different financial needs and income patterns.
The insurer said it currently holds about 24% of Uganda’s insurance market and has served approximately 200,000 customers over the last 10 years.
The launch also comes as Prudential seeks to expand access to insurance through digital platforms and partnerships with banks.
Ayitevie said customers can obtain quotations and complete applications digitally through Prudential’s platforms and financial consultants, reducing the need for physical paperwork.
Nagudi said customers should first identify the financial goal they want to achieve, the amount required and when they will need the money before choosing a plan.
“What you have to ask yourself is that what is the need? What do I really need to plan for and how much money do I need at a certain point for me to be able to take care of my needs?”
Prudential said the three products are intended to give Ugandans structured financial options for preparing for major life milestones while ensuring that their families remain protected against unforeseen circumstances.
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