Prudential Uganda launches three savings and protection plans aimed at school fees and family security
L-R: Brenda Nagudi, the Chief Operations Officer at Prudential Uganda, Tetteh Ayitevie, the CEO of Prudential Uganda, and Felicica Manuela Quarshie, the Chief Commercial Officer at Prudential Uganda, officially launch the three products designed to support Ugandans through key life stages while helping families build greater confidence in the future.
Insurer rolls out Pru Edusave Plus, Pru Wealth and Pru Legacy, with a school savings plan starting at UGX 150,000 a month
Prudential Uganda has launched three life insurance products designed to help families save for their children's education, build wealth and leave financial security for their loved ones: Pru Edusave Plus, Pru Wealth and Pru Legacy.
The company says the plans address priorities many Ugandan families share, and that protection should be the foundation of any financial plan.
School savings plan
Pru Edusave Plus lets a parent or guardian save towards a child's education over five to 15 years. Customers choose a regular contribution starting at UGX 150,000 a month and can take the payout as a lump sum or in instalments timed to school needs.
If the policyholder dies or becomes totally and permanently disabled, the plan pays an immediate benefit of 20 percent of the sum assured, capped at UGX 10 million. It then pays an annual income of 20 percent of the sum assured, also capped at UGX 10 million, on each policy anniversary for the rest of the term. Prudential waives future premiums and keeps the policy running, and pays 100 percent of the sum assured plus accrued bonuses at maturity, subject to policy terms.
Customers can also opt to raise their sum assured and premium each year to keep pace with inflation. Bonuses are simple and declared at the insurer's discretion.
Wealth and legacy plans
Pru Wealth is a structured savings plan for long term goals. If the policyholder dies, the family receives yearly income equal to 10 percent of the sum assured for the applicable period, plus a payment of 100 percent of the sum assured at maturity, subject to policy terms.
Pru Legacy is aimed at customers who want to plan what they leave behind. It is sold only through Prudential's bank partners, Absa Bank Uganda and Stanbic Bank Uganda.
Built on ten years of claims
Speaking at the launch, Chief Executive Tetteh Ayitevie said Prudential has served more than 200,000 customers in Uganda over 10 years, and that Pru Edusave Plus is an enhanced version of the earlier Pru Edusave, shaped by what the company learned from paying claims.
He pointed to Uganda's young population, saying about 70 percent of people are under 35 and that close to 14 million children were born in the last decade. Each birth, he said, means a parent has to make decisions about the child's future, and insurance offers a disciplined way to plan for them.
"Financial protection is the foundation of a strong financial plan," Ayitevie said, adding that saving and investing help people prepare for the future while protection safeguards those plans when the unexpected happens.
Prudential Assurance Uganda Limited is a wholly owned subsidiary of Prudential plc and is regulated by the Insurance Regulatory Authority of Uganda.
