Equity Bank Uganda together with Liberty Life Assurance and Turaco have partnered to launch a new product dubbed “Equi-Life.Oli KuSure” to enable their customers access affordable hospital insurance cover and a funeral expense cover aimed at revolutionizing healthcare accessibility for the everyday hustler.
The Equi-life customers on the Equi-Life cover will pay UGX 3000 per month, securing coverage of UGX50,000 per day for up to 20 days of hospitalization. The product will also provide coverage of funeral expenses of up to UGX3,000,000.
During the launch of the new product held on Thrusday 3rd April 2025, at Sheraton Hotel in Kampala, the Managing Director of Equity Bank, Mr. Gift Shoko the Equi-life product has been activated following research that identified the challenges faced with their customers including rising hospital and funeral expenses.
He said that the insurance solution had been designed to address issues affecting their customers especially when they fall sick or loose their lives.
“The Equi-Life insurance product offers a safety net to protect our customers, and it will provide critical financial relief for their families. Africa is a hustler continent; the African economy is driven by hustlers… What happens when the hustler of the family falls sick? This partnership will build the financial resilience of our customers & millions of Ugandans & together we can create a Uganda where every hardworking person is protected & empowered” he said.
Mr. Joseph Almeida, The Managing Director, Liberty Life Assurance said “When you make financial freedom possible for people who are hustling in life, it is a very positive thing because you are alleviating that burden of medical bills from them. As Liberty we are going to ensure that we deliver together with Turaco so that Equity clients feel valued”
Mr. Cedrick A. Todwell, The Director Business Development, Turaco Insurnce said that the partnership will build financial resilience for Ugandans and that their role in will be to ensure prompt claims payments on the Equi-Life product.
“Insurance penetration is low due to optimistic bias, but this partnership aims to build financial resilience for Ugandans. Insurance is something that people need but never want. The reason being is that human beings are worried to be what we call optimistic biased. They hope for the best, but they are not prepared for the worst. We promise swift claim processing for the Equi-Life product” he said
At the launch famous artist Vinka was signed as the official brand ambassador for the Equi-Life insurance product.
“Equi-Life product is going to transform not just my life, but the lives of Equity bank customers. I will use my influence to ensure people sign up sign up for this amazing product. Let’s do this!” she expressed her excitement.
To sign up to Equi-Life according to James Sserumaga from Equity Bank, Existing and new customers can enroll at any Equi-Duuka or Equity Bank branch by filling out a simple form.
He said that customers who enroll in the scheme will receive a daily cash benefit of UGX50,000 for every day spent in the hospital, up to 20 days on hospitalization, easing the burden of lost income and medical bills after discharge from hospital. In addition, he said the policy includes a death benefit to provide further security to beneficiaries.
Equi-Life insurance product is designed for individuals in the informal sector, small business owners and low-income earners to support them with expenses after hospitalizations, during their recovery process.
Equi-Life product is the first of its kind in Uganda to benefit over 2.2 million existing Equity Bank customers, and those that will open up accounts with them. Hospital cash insurance ensures that customers can access financial support when they need it the most.
The product is a result of a research conducted for the last 2 years to identify challenges facing the communities served by the partners.