Uganda: Stanbic Bank and Prudential unveil joint medical insurance coverage
Kampala, Uganda – Stanbic customers can now purchase annual medical insurance coverage for themselves and their loved ones of up to 20 million shillings through Stanbic MediProtect, a joint offering from the bank and Prudential Uganda. MediProtect is open to Stanbic Bank customers and all their named dependents, regardless of age.
Prospective customers can choose from three MediProtect packages based on affordability, with the cheapest policy being Silver – accessible at Shs 600,000 per year, providing policyholders with medical coverage worth up to 20 million Shs.
The Gold package whose premium costs Shs 1 million offers up to Shs 70 million worth of medical cover for one year, while the Platinum category available at Shs 2 million offers policyholders nearly Shs 120 million worth annual – and a long list of benefits.
MediProtect coverage is available to policyholders at over 380 medical outlets across the country, which are affiliated with Prudential Uganda.
Sam Mwogeza, Stanbic Bank’s Executive Director for Consumer Banking, said: “MediProtect is a direct lesson from our experience as a country over the past two years of the Covid-19 pandemic – we are offering a solution that enables every client of Stanbic Uganda to obtain medical insurance for themselves, their relatives and loved ones and be assured of access to professional medical care in the event of illness.”
Mwogeza added: “Although medical insurance is growing rapidly in Uganda, a 2018 study by the Insurance Institute of Uganda found that only 5% of Ugandans had health insurance – most of them benefit from schemes company doctors sponsored by their employers. of the Covid-19 pandemic, we have lost many of our associates who could not afford medical bills, even those who were considered relatively well-off, financially, have been drained of all their cash savings due to hospitalization extended.”
So, as leaders in our respective industries, we decided to do something about it; to give our customers the opportunity to secure their lives so that they can afford to take care of their medical bills,” added Dogo Singh, Head of Bancassurance at Stanbic Bank.
Tetteh Ayitevie, CEO of Prudential Uganda, said, “Our goal at Prudential is to help people get the most out of life and we believe Stanbic MediProtect is a demonstration that we are committed to helping individuals and families. at every stage of their health, wealth, and well-being; ensuring they can afford good medical care, which is essential to good health.
We are therefore pleased to partner with Stanbic Bank to provide this health insurance plan and urge all Stanbic Bank customers to cover loved ones, friends and relatives.”
Stanbic MediProtect is flexible insurance coverage allowing customers who already have insurance coverage by virtue of their employment, to purchase a medical insurance package for their loved ones and dependents who do not fall under the coverage of their employer.
The product also covers older adults over the age of 70 and is available to bank customers through Stanbic Bank.
Stanbic MediProtect was designed with the needs of the client in mind, offering solutions to pre-existing barriers to purchasing medical insurance. Stanbic Bank and Prudential Uganda believe that this product will be the beginning for every family by actively ensuring that all its members and close relatives are covered against medical emergencies.
According to Paul Nagemi, director of health at Prudential Uganda, the product highlights the importance of having something to spare for a rainy day, including savings and health insurance.
“We are pleased not only to unveil this partnership with Stanbic Bank Uganda, but also to launch this unique product which will allow customers to add as many beneficiaries as they wish, at very affordable contributions.
Beneficiaries can be their immediate family, extended or financially dependent. This product offers competitive outpatient services (dentistry, prenatal optics and hospitalization in more than 200 health facilities across the country,” he said.
According to the World Health Organization’s Global Expenditure Database, an estimated 38% of Uganda’s health expenditure is paid for by individuals, followed by development partners (41%), the government (16%) and others (5%).