KAMPALA, Uganda — Equity Bank has launched Equi-Life, an affordable hospital cash insurance product, in partnership with Liberty Life Assurance, aiming to boost financial security and healthcare access for customers and the public.
The first-of-its-kind plan in Uganda offers relief from post-hospitalization financial burdens, letting families focus on recovery rather than costs. For a monthly premium of 3,000 Ugandan shillings (36,000 shillings annually), policyholders receive 50,000 shillings daily for up to 20 days of hospitalization — a total of 1 million shillings yearly — plus a 3 million shilling end-of-life benefit. Payments follow discharge from any government-licensed facility, with death benefits paid to next of kin.
At the unveiling Thursday at the Sheraton Hotel in Kampala, Equity Bank Managing Director Gift Shoko said the product targets over 2.2 million small-scale entrepreneur customers vulnerable to health-related financial shocks. “We’re providing a safety net for those in the informal sector facing unexpected medical costs,” Shoko said.
Liberty Life Assurance Managing Director Joseph Alimeida echoed the commitment to accessible insurance.
“This collaboration meets the needs of the underserved with timely financial support,” he said.
Equi-Life, designed for informal sector workers and low-income earners, leverages Turaco’s AI for claims processing, targeting settlements within 48 hours of receiving discharge documents. “With 15% of Ugandans facing major financial challenges, this is a game-changer,” said Cedric Todwell, Turaco’s business development manager. “Customers can submit receipts via WhatsApp for swift processing.”
Enrollment is available at Equity Bank EquiDuuka agents or branches, with payments accepted at agent points. Amid rising healthcare costs, this partnership offers a timely lifeline for Uganda’s micro-earners
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