Prudential Uganda has unveiled Prudent Life Plan, a revolutionary initiative redefining financial security.
Prudent Life plan not only offers robust financial protection but introduces an innovative refund feature for policyholders who complete their plan period without making a claim.
Mr. Tetteh Ayitevie, CEO of Prudential Uganda, underscores the significance of Prudent Life Plan, stating that this launch signifies a paradigm shift in financial protection, fortifying individuals against life’s uncertainties and providing a unique money-back guarantee for claim-free durations—a tangible solution for real people.
He noted that this this reaffirms the company’s core purpose: For Every Life we are Protectors, For Every Future, we are Partners.
Functioning as a vital shield for families, Prudent Life plan extends a life insurance payout in unfortunate events such as death or total permanent disability. Its standout feature lies in the unwavering commitment to policyholders, offering refunds for all contributions made throughout the Prudent Life plan, for those fortunate enough to outlive the plan’s duration, solidifying Prudential’s position as a leader in prioritizing the financial well-being of its customers.
Amidst a dynamic financial landscape, Prudent Life plan emerges as a beacon of financial resilience, acknowledging the diverse needs of customers. Beyond merely safeguarding against life’s uncertainties, it guarantees a financial return for individuals who successfully complete the entire duration of their Prudent Life plan without filing a claim.
Prudent Life plan transcends traditional insurance; it represents a strategic financial decision that mirrors Prudential’s unwavering commitment to robust financial protection. The initiative instills confidence in individuals and families, empowering them to confront the future with assurance and peace of mind.
Prudential Assurance Uganda Limited is a wholly owned subsidiary of prudential plc. Prudential plc provides life and health insurance and asset management in 23 markets across Asia and Africa (at 31 December 2022).
The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals.
What you need to know about PRUDENT LIFE PLAN
This is a term life assurance policy.
Frequently Asked Questions (FAQs)
- What is the difference between term life insurance and other types of life insurance?
Response: Term life insurance offers coverage for a specific period, providing financial protection during that time. Other types like whole life insurance offer lifetime coverage with savings components.
- Can I customize the coverage based on my needs?
Response: Absolutely! Our product allows you to tailor coverage to your requirements, ensuring it aligns with your financial goals.
- What if I don’t make any claims during the term?
Response: That’s great! If you don’t make any claims and your policy remains active until the end of the term, we’ll return 100% of the premiums you paid.
- Does this policy have bonuses?
Response: No because it is a pure risk product and provides a higher Sum Assured.
- How much does this policy cost?
Response: For as low as 150,000 Uganda Shillings per month, however, you can choose to pay more than that depending on your financial goals. You can also choose a payment plan, monthly, quarterly, half yearly and annually.
- How is the product different from the level term?
Response: This term life provides a 100% premium refund if you survive until the end of the policy term.
- What happens if I am unable to fund my policy?
Response: If you’re unable to fund your policy, you are given a grace period of 90 days. After which the policy will be lapsed. If a policy is lapsed, no benefit shall be payable to the policyholder. However, the lapsed policy can be reinstated either by paying all outstanding premiums. Once a policy is lapsed it can be reinstated within 24 months of lapse without any additional waiting period being imposed. All arrear premiums must be paid in full in a lumpsum before the policy can be reinstated.
Objections
- I’m healthy and don’t anticipate any major health issues. Why should I consider this?
Response: While that’s wonderful to hear, life is unpredictable. Having coverage ensures your family’s financial security if something unexpected were to happen.
- The premiums seem higher compared to other options.
Response: Our premiums reflect the comprehensive benefits you’ll receive, including the high sum assured, critical illness coverage, and the premium refund. It’s an investment in your family’s protection.
- What if I outlive the term of the policy?
Response: If you’re still with us at the end of the term and haven’t made any claims, we’ll refund 100% of the premiums you paid. It’s a unique feature that rewards your commitment.
- I have coverage through my employer. Why do I need an additional policy?
Response: Employer coverage may change or end, and it’s often not enough to fully protect your family’s needs. Our policy ensures you have control over your coverage and can tailor it to your situation.
- Can I cancel the policy if I change my mind?
Response: Absolutely, you have a free-look period of 30 days to review the policy. If you decide it’s not right for you, you can cancel within that period without any obligations.
- I already have other insurance products. Is this necessary?
Response: Our product is designed to provide specialized coverage that complements your existing insurance. It’s about enhancing your protection and addressing specific needs.
