Prudential, Stanbic Bank Launch Affordable Medical Insurance

AllAfrica

Stanbic Bank and Prudential Uganda have launched a joint medical insurance dubbed "MediProtect" where Ugandans will be able to acquire annual medical insurance cover.

The MediProtect policy can be acquired for as low as shs 600,000 annually with up to Shs 20million in value.

Ugandans can choose between three MediProtect packages based on affordability with the least priced policy being Silver--accessible at Shs 600,000 per annum, which allows policy holders to enjoy medical cover worth up to shs20m in annual value.

The gold package whose premium costs shs 1,000, 000 offers up to Shs 70m in medical cover value for a year while Platinum category available at Shs 2million gives policy holders nearly Shs 120million in annual value and a long list of benefits.

MediProtect cover can be accessed by policy holders at over 380 medical outlets across the country, that are affiliated to Prudential Uganda.

While unveiling the product, Sam Mwogeza, Stanbic Bank's executive head for consumer banking said MediProtect is a direct lesson from their experience as a country in the last two years of the Covid-19 pandemic.

"We are offering a solution that enables every Stanbic Uganda customer to get medical insurance for themselves, relatives and loved ones and be assured of accessing professional medical care when they fall ill,"he said.

Although medical insurance is fast growing in Uganda, 2018 research by Insurance Institute of Uganda found that only 5 per cent of Ugandans had health insurance,most of those are on corporate medical schemes sponsored by their employers.

Mwogeza told The Nile Post that at the height of the Covid-19 pandemic, the country lost many people who couldn't afford medical bills even those deemed to be relatively well off.

Tetteh Ayitevie, chief executive officer at Prudential Uganda said their purpose is to help people make the most out of life.

"We believe that MediProtect is a demonstration that we are dedicated to helping individuals and families in every step of their health, wealth, and wellness journey; by ensuring they can afford good medical care, which is core to good health,"he said.

According to Paul Nagemi, the chief health officer at Prudential Uganda, the product underscores the importance of having something set aside for a rainy day including both savings and health insurance.

"The beneficiaries can be their immediate, extended family or financial dependents. This product provides competitive outpatient (dentistry, optical antenatal and inpatient benefits in over 200 health facilities country wide," he said.