Equity Bank signs popular singer Vinka as brand ambassador for Equi-Life insurance product

April 3, 2025 in Business, Companies, Financial Services by Editor

       Equi-Life is a collaboration between Equity Bank Uganda Limited, Liberty Life Assurance and micro-insurer Turaco  

 

• Customers will pay a premium of UGX3000 per month, securing coverage of UGX50,000 per day for up to 20 days of hospitalization.

 

• Coverage also extends to funeral expenses to the sum of UGX3,000,000

 

Equity Bank Uganda, has today unveiled popular Afrobeat singer Victoria Nakiyingi aka Vinka, as the brand ambassador for Equi-Life, a revolutionary new product that takes insurance to the masses; enhancing financial security and access to healthcare for Uganda’s self-employed majority.

Vinka’s role was revealed today, on the sidelines of a media launch of the product that the bank is offering with partners Liberty Life and Insurtech firm Turaco Insurance.

Customers will pay a premium as little as UGX3000 per month (UGX36,000 a year), to secure coverage of UGX 50,000 per day as replacement for lost income, to a maximum of 20 days of hospitalization or UGX 1,000,000 in any 12-month period. The policy also comes with an end-of-life benefit of UGX 3,000,000. The health insurance is paid to the beneficiary after discharge from any government licensed medical facility, while the death benefit will be paid to the person the policy holder nominated as their next of kin.

The groundbreaking insurance plan, the first of its kind on the Uganda market aims to alleviate the financial burden that comes after hospitalization, ensuring that families can focus on recovery rather than worrying about expenses.

Officials further explained that the health coverage is not designed to settle medical bills directly but rather to replace part of the income a policy holder would lose is they got hospitalised and unable to engage in their daily economic activity.

“We recognize the challenge faced by individuals especially those in the informal sector when it comes to unexpected expenses associated with hospitalization. The Equi-Life insurance product offers a safety net to protect our customers, and it will provide critical financial relief for their families,” said Equity Bank Managing Director Gift Shoko.

Mr Shoko pointed out the Bank’s commitment to providing integrated financial services that not only bring business success but also give dignity and transform the lives of its customers.

Turaco insurance will settle claims related to hospitalisation, while Liberty Life will handle claims related to death of a policy holder.

Benefits will kick in after a policy holder has paid premiums for 3 consecutive months and will expire upon exhaustion of the 20-day maximum.

Liberty Life Assurance, which spent two years researching the product, reaffirmed its commitment to providing accessible and meaningful insurance solutions.

“Liberty Life Assurance is proud to collaborate with Equity Bank to introduce a product that truly meets the needs of the underserved. Hospital cash insurance ensures that customers can access financial support when they need it the most,” said Joseph Alimeida, Managing Director Liberty Life Assurance.

Cedric Todwell, the Business Development Manager at Turaco said the company was deploying AI solutions to expedite claim settlement with a turnaround target of 48 hours from the policy holder submits admission and discharge documents to support the claim.

Customers who enroll in the scheme will receive a daily cash benefit of UGX50,000 for every day spent in the hospital, up to 20 days on hospitalization, easing the burden of lost income and medical bills after discharge from hospital. In addition, the policy includes a death benefit to provide further security to beneficiaries.

Equi-Life insurance product is designed for individuals in the informal sector, small business owners and low-income earners to support them with expenses after hospitalizations, during their recovery process.

With healthcare risks and costs on the rise, the solution being offered by Equity Bank and its partners at Liberty Life Assurance and Turaco Insurance, is being seen as a timely intervention that supports financial well-being among Uganda’s micro-level earners.

Customers can sign up for Equi-Life product at any Equity Bank EquiDuuka or at the nearest Equity Bank branch. Enrolling has been simplified; existing customers or a new customer can enroll from any of the EquiDuuka Agent by filling a single form. Monthly premium payments can also be made at any Equity Bank Agent points.