KAMPALA — Prudential Uganda has launched three financial protection products targeting education planning, long-term wealth creation and inheritance planning.
The products — Pru Edusave Plus, Pru Wealth and Pru Legacy — were unveiled on Tuesday as the insurer seeks to help Ugandans plan for major financial obligations while protecting their families against unexpected events.
Pru Edusave Plus is designed for parents and guardians saving for a child’s education over periods of between five and 15 years. Customers can make regular contributions starting at Shs150,000 per month and choose to receive the maturity benefit either as a lump sum or in instalments.
The product also protects if the policyholder dies or becomes totally and permanently disabled.
In such circumstances, the policy provides an immediate benefit equivalent to 20% of the sum assured, capped at Shs10 million, followed by annual income benefits equivalent to 20% of the sum assured, also capped at Shs10 million, for the remainder of the policy term.
Prudential said future premiums would be waived in such circumstances, while the policy would remain active and pay 100% of the sum assured plus accrued bonuses at maturity, subject to the policy terms.
Pru Wealth is aimed at customers seeking to save towards long-term financial goals while providing income protection for dependants.
Under the plan, the family of a deceased policyholder receives annual income support equivalent to 10% of the sum assured for the applicable period, alongside an additional payment equivalent to 100% of the sum assured at maturity, subject to the policy terms.
Pru Legacy, the third product, focuses on long-term financial provision for beneficiaries and is being offered exclusively through Prudential Uganda’s bancassurance partners, Absa Bank Uganda and Stanbic Bank Uganda.
Prudential Uganda Chief Executive Officer Tetteh Ayitevie said the products were developed around financial needs faced by families at different stages of life.
“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 the products were intended to combine financial planning with protection against unexpected disruptions.
“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.
Pru Edusave Plus also comes with an optional inflation protection feature, allowing customers to increase their sum assured and premiums at each policy anniversary.
The insurer said simple bonuses may also be declared at its discretion while the policy remains active.
The launch was attended by Prudential Uganda Chief Operating Officer Brenda Nagudi and Chief Commercial Officer Felicia Manuela Quarshie, who joined Ayitevie in presenting the products.
The company said the three products are intended to cover different stages of household financial planning — from meeting education costs and building wealth to providing for beneficiaries after the policyholder’s death.
Prudential Assurance Uganda Limited is a subsidiary of Prudential plc and is regulated by Uganda’s Insurance Regulatory Authority.
