{"id":97390,"date":"2025-04-06T18:28:30","date_gmt":"2025-04-06T18:28:30","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/liberty-equity-to-pay-out-cash-to-members-for-every-night-in-hospital-in-new-insurance-product"},"modified":"2025-04-06T18:28:30","modified_gmt":"2025-04-06T18:28:30","slug":"liberty-equity-to-pay-out-cash-to-members-for-every-night-in-hospital-in-new-insurance-product","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/liberty-equity-to-pay-out-cash-to-members-for-every-night-in-hospital-in-new-insurance-product","title":{"rendered":"Liberty, Equity to Pay out Cash to Members for every Night in Hospital in New Insurance Product"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Liberty Life Assurance has partnered with Equity Bank and Turaco Insurance Brokers Limited to introduce a new insurance product that will see members reimbursed with cash for every night spent in hospital.<\/b><\/p>\n

Named Equi-life, the product is designed to enhance the financial security of Uganda’s impoverished and underprivileged population but also to address the stark reality that only 1% of Ugandans have formal insurance, according to an FSD Uganda 2018 report.<\/p>\n

According to officials, the new product which goes for only shs3000 per month, a member gets shs50,000 per day or night spent in hospital with up to 20 days covered.<\/p>\n

In case of death, the next of kin of a member is given shs3 million to cater for burial expenses.<\/p>\n

Liberty Life Assurance Uganda’s Managing Director, Joseph Almeida, emphasised the company’s commitment to inclusivity.<\/p>\n

“Equi-Life, in conjunction with Equity and Turaco, provides genuine alleviation, enabling families to concentrate on their recovery rather than their financial obligations. We are happy to under-write this solution in partnership with Equity Bank,\u201d Almeida said.<\/p>\n

Equity Bank Uganda’s Managing Director, Gift Shoko said the insurance product is part of their efforts to serve the underserved.<\/p>\n

” Equi-Life has therefore been established with the objective of increasing the penetration of insurance among Uganda’s underprivileged population, making our partnership a lifeline for the omuntu wawansi, for whom medical access is a matter of life and death.”<\/p>\n

The partners emphasised that Equi-Life is a life changing solution that makes the difference amongst the under-served ensuring that they are not overwhelmed by medical costs in a country where 50% experience health shocks annually and only 1.4% are insured, according to the Vision Fund Uganda 2022 report.<\/p>\n

James Sserumaga, the Head of Bancassurance at Equity Bank Uganda said the partnership leverages Equity Bank\u2019s robust liquidity and regional asset base to bridge the gap between the current 0.8% insurance penetration, as per the annual IRA 2022 report.<\/p>\n

“Equi-Life revolutionises the insurance industry in Uganda. We are reducing financial setbacks by developing a product that is user-friendly, accessible, and designed for the average Ugandan, as 40% of Ugandans sell assets to pay for medical expenses (FSD Uganda) and 68% of rural Ugandans who lack hospital access within 5 km (UBOS, 2021),\u201d Sserumaga said.<\/p>\n

According to Hamza Mutebi, General Manager of Turaco Insurance Brokers Uganda, only 1% of Ugandans have insurance, while 80% are unable to finance medical care.<\/p>\n

\u201cThis partnership transforms financial protection from a privilege to a right, allowing the underserved to access insurance,\u201d he said.<\/p>\n

For More News And Analysis About Uganda<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Liberty Life Assurance has partnered with Equity Bank and Turaco Insurance Brokers Limited to introduce a new insurance product that will see members reimbursed with cash for every night spent in hospital. Named Equi-life, the product is designed to enhance the financial security of Uganda’s impoverished and underprivileged population but also to […]<\/p>\n","protected":false},"author":84,"featured_media":97389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[234],"class_list":["post-97390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-uganda"],"yoast_head":"\nLiberty, Equity to Pay out Cash to Members for every Night in Hospital in New Insurance Product - Uganda<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/liberty-equity-to-pay-out-cash-to-members-for-every-night-in-hospital-in-new-insurance-product\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liberty, Equity to Pay out Cash to Members for every Night in Hospital in New Insurance Product\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Uganda. Liberty Life Assurance has partnered with Equity Bank and Turaco Insurance Brokers Limited to introduce a new insurance product that will see members reimbursed with cash for every night spent in hospital. 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