Sanlam Life Insurance Uganda has introduced the Sanlam Comprehensive Life Program, a funeral insurance plan aimed at providing financial protection for Ugandan families during bereavement.
The new insurance product, designed for individuals between the ages of 18 and 65, offers a variety of packages tailored to meet the needs of customers with varying financial capabilities.
Key features of the product include a funeral cover benefit, providing an inflation-adjusted lump sum to support families, and a family income benefit, which delivers 10% of the cover amount as a monthly income for three months following the death of the policyholder or their spouse. Additionally, the Last Supper Benefit grants Shs 300,000 to cover immediate expenses.
The plan also includes an Accidental Death Cover, which doubles the payout for accidental deaths, and a premium waiver that ensures the policy is converted to a paid-up status if the policyholder passes away or becomes permanently disabled. Furthermore, a Cash Back Benefit rewards policyholders with 20% of premiums paid every three years, regardless of whether any claims have been made.
“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,” said Gary Corbit, Chief Executive Officer of Sanlam Life Insurance Uganda. “We designed the Sanlam Comprehensive Life Program to provide a safety net during life’s most difficult moments.”
Bernard Obel, Director of Provision at the Insurance Regulatory Authority (IRA), praised Sanlam’s efforts in developing solutions that meet the needs of the Ugandan market. “For our industry to close the existing coverage gap, there must be active collaboration between insurers, banks, telecom operators, and regulators. Sanlam’s new program highlights the benefits of such partnerships.”
Obel further emphasized the importance of innovation in insurance, noting that the new product aligns with the IRA’s strategic vision and regulations. “We are particularly pleased to see that Sanlam has structured this product to cater to a wide range of market segments, ensuring inclusivity and accessibility for all.”
He also encouraged Sanlam and the wider insurance sector to continue leveraging technology to improve access to financial protection for all Ugandans, especially those in remote areas. “By embracing digital solutions, we not only enhance the customer experience but also expand access to insurance for those who might otherwise be excluded,” Obel explained.
