In a significant move set to reshape Uganda’s insurance landscape, Equity Bank Uganda has launched Equi-Life, an affordable microinsurance product tailored to increase access to insurance among underserved populations.
The initiative comes at a time when the country is grappling with low insurance penetration, which stood at only 4.5% in 2022, despite recent growth in the sector.
According to the Insurance Regulatory Authority of Uganda (IRA), the insurance industry saw an 11.29% increase in gross written premiums—from UGX 1.44 trillion in 2022 to UGX 1.6 trillion in 2023. However, access to insurance remains a challenge for many Ugandans, particularly those in low-income brackets.
Equi-Life is designed to address this gap.
Offered through a partnership between Equity Bank Uganda, Liberty Life Assurance Uganda, and Turaco Microinsurance, the product provides two core benefits: a Hospital Cash Benefit and an End-of-Life Cash Benefit.
For just UGX 3,000 per month (UGX 9,000 quarterly or UGX 36,000 annually), individuals aged 18 to 75 can access a hospital cash payout of UGX 50,000 per night starting from the second night of inpatient admission, up to 20 nights per year.
The coverage extends to any hospital or inpatient facility accredited by the Ministry of Health.
In the event of death—whether by illness, natural causes, or accident—Equi-Life offers a UGX 3 million payout to the member’s next of kin.
Notably, the waiting period for hospital cash is 48 hours and three months for life benefits, but this is waived in the case of accidents.
Equity Bank’s expansive agency and branch network, known as Equi-Duuka, facilitates product marketing, premium payments, and claims submission. Liberty Life underwrites the policy and manages claims, while Turaco handles the tech-based policy administration and ensures claims are processed within three working days.
Equi-Life also outlines clear exclusions, such as injuries from political conflict, substance abuse, or fraudulent claims, and only recognizes hospitals accredited by Uganda’s Ministry of Health for inpatient benefits.
This initiative is not just about offering insurance—it’s about inclusion. Equi-Life is particularly aimed at the “omuntu wa bulijjo”—the ordinary Ugandan—many of whom earn less than $2 a day.
By making insurance accessible and relevant to this demographic, the product contributes to financial resilience and promotes a culture of risk management.
With Equi-Life, Equity Bank is taking a significant step toward integrating insurance into its financial services portfolio, reinforcing its mission to increase financial inclusion and drive economic growth in Uganda.
