Prudential Uganda has launched three financial protection and savings products aimed at helping Ugandans plan for their children’s education, build wealth and provide financial security for their families.
The products, Pru Edusave Plus, Pru Wealth and Pru Legacy, are designed around three common financial needs: saving for future education, building long-term wealth and creating a financial legacy for loved ones.
The insurer said the products are intended to combine saving with financial protection so that families can continue pursuing their financial goals even when unexpected events occur.
Pru Edusave Plus is designed for parents and guardians who want to save for a child’s education over a period of between five and 15 years.
Customers can make regular contributions starting from Shs150,000 a month and choose whether to receive the money as a lump sum at maturity or through instalments that can be matched to future education expenses.
The product also provides protection if the policyholder dies or becomes totally and permanently disabled.
In such a case, the policy provides an immediate benefit equivalent to 20 per cent of the sum assured, capped at Shs10 million.
It then provides an annual income benefit equivalent to 20 per cent of the sum assured, also capped at Shs10 million, on each policy anniversary for the remaining period of the policy.
Future premiums are waived, allowing the policy to remain active, while the policy provides for payment of 100 per cent of the sum assured, together with accrued bonuses, at maturity, subject to the policy terms.
Prudential said Pru Edusave Plus also has an optional inflation protection feature.
Under this option, customers can increase their sum assured and premium at each policy anniversary.
The policy also provides for simple bonuses, which are declared at Prudential Uganda’s discretion while the policy remains active.
Pru Wealth, the second product, is designed for customers who want to save towards long-term financial goals while providing protection for people who depend on them.
Where the policyholder dies, the plan provides the family with annual income support equivalent to 10 per cent of the sum assured for the applicable period.
The plan also provides an additional payment equivalent to 100 per cent of the sum assured at maturity, subject to the terms of the policy.
Prudential’s existing product information describes Pru Wealth as a plan that combines regular saving with protection for people who depend on the policyholder.
The third product, Pru Legacy, is aimed at customers who want to build financial security for their families and plan what they will leave behind for their loved ones.
The product is available exclusively through Prudential Uganda’s bank partners, Absa Bank Uganda and Stanbic Bank Uganda.
Speaking at the launch, Prudential Uganda chief executive officer Tetteh Ayitevie said the three products were developed with the financial aspirations and responsibilities of Ugandan families in mind.
“Across Uganda, people work hard to achieve goals that matter most to them, whether that is giving their children a quality education, building long-term financial security, or creating a lasting legacy for their loved ones,” Ayitevie said.
He said Pru Edusave Plus, Pru Wealth and Pru Legacy give customers ways to plan for those goals while also providing protection when unexpected events occur.
“At Prudential, we believe financial protection is the foundation of a strong financial plan. While saving and investing help people prepare for the future they envision, protection helps safeguard those plans when the unexpected happens,” he said.
“A strong financial plan must be able to address both challenges.”
The company said the products are intended to help customers build greater confidence in their financial plans while protecting those plans against unexpected events.
