Sanlam Life Insurance Uganda, has launched the Sanlam Comprehensive Life Program, a funeral plan designed to give essential financial protection to Ugandan families during one of life’s most trying moments.
Chief Executive Officer Gary Corbit, expressed the great need and timeliness of this product launch, noting that its launch is a testament to Sanlam’s commitment toward the goals of securing the financial future of Ugandans.
“Loss is an inevitable part of life, and its impact can be overwhelming. The pain of losing a loved one can be compounded by the financial burden of funeral expenses,” Corbit stated. “Understanding this reality, we designed the Sanlam Comprehensive Life Program to provide a safety net during life’s most difficult moments.”
The Product is available to people between the ages of 18 to 65 years and comes in packages to best suit every customer—from people on a budget to those with more financial resources.
It consists of The Funeral Cover Benefit which provides a lump sum payout, adjusted for inflation, to support families during their time of need.
The Family Income Benefit offers 10% of the cover amount as monthly income for three months after the policyholder’s or spouse’s death, while the Last Supper Benefit grants UGX 300,000 for immediate expenses. For accidental deaths, the Double Accident Cover Benefit doubles the payout.
Additionally, the policy waives premium payments and converts to paid-up status if the policyholder dies or becomes permanently disabled.
Finally, the Cash Back Benefit rewards policyholders with 20% of premiums paid every three years, regardless of claims made.”
The Insurance Regulatory Authority (IRA) commended Sanlam Life Insurance Uganda for its collaborative effort in coming up with insurance solutions designed to meet the needs of customers in Uganda and support the growth of the industry.
“For our industry to successfully close the existing coverage gap in Uganda, there must be active collaboration between insurers, bankers and telecom operators and ourselves as regulators further adding that the innovation of this product aligns with IRA’s strategic vision for the industry.