By Silvia Nyambura
Prudential Assurance Uganda, a fully owned subsidiary of Prudential plc continues its mission to provide flexible and innovative products that promote the financial security among Ugandan families with the launch of Pru Dollar.
The product allows the customer to make monthly payments in U.S dollars for a period of 8-15 years. Whether a customer is planning for his or her child’s education, saving for a home or simply making sure their loved ones are protected, Pru Dollar hedges their savings against the risk of currency devaluation thereby preserving the value of their policy proceeds upon maturity.
Speaking at the launch in the week ending 12th May 2017, Prudential Uganda CEO Arjun Mallik said, “This product gives customers peace of mind that their loved ones are protected. If the customer passes away or gets permanently disabled, we will pay a 50% lump-sum to the beneficiary and take over payments for the remaining period. In addition, Prudential will pay out another 100% of the maturity benefit at the end of the agreed period. If no claimable event occurs, the guaranteed lump-sum (with any accrued bonuses) is paid to the insured at maturity.”
The product acts as an investment plan where Prudential pools money with that of other policyholders and invests it in a range of carefully chosen assets. If the investments perform well, the customer shares in the profits via bonuses, which is declared each year and reinvested on their behalf.
“Our endeavor is to provide families with the protection and savings solutions they need to secure their financial futures and the long-term opportunities for us in the Uganda life insurance market are immense,” he added.
Matt Lilley, CEO of Prudential Africa said, “Since we re-entered the market in 2015, our new business sales in Uganda have grown significantly, so has the size of our team and number of our active sales representatives. Prudential is committed to making long-term investments in Uganda so that we are able to bring the benefits of life insurance to many more people.”
Sarah Mann, the Deputy British High Commissioner said, “Prudential is a multinational company and one of the world’s leading life insurance brands. Today’s launch is a good example of the adaptability of British companies and their commitment to tailor products to meet Ugandan needs. It is great to be able to celebrate this milestone with a global British business that, at 169 years old, continues to expand and seek out new opportunities and I am sure it will provide a valued service to Ugandan customers. I hope Prudential becomes the household name here that it is in the UK.”
Nyambura is a senior journalist based in Kampala