Clik here to view.
Prudential Assurance Uganda Limited, a subsidiary of Prudential Plc which opened business in Uganda a few Ugandans, last week unveiled yet another product to allow its growing customers base more flexibility.
At a sumptuous dinner at Kampala Serena on Thursday, the company launched Pru Dollar, a product that lets willing customers pay their premiums in US Dollars for a period of 8-15 years.
The new product is primarily intended to “hedge customers’ savings against the risk of currency devaluation thereby preserving the value of their policy proceeds upon maturity.”
Arjun Mallik, CEO Prudential Uganda told Chimpreports that Pru Dollar is the first of its kind, not only in Uganda but world over.
He said it was introduced on the request of Prudential Uganda customers, who earn in US Dollars.
“As we talked to more and more people; out staff and representatives, we got feedback that some of our customers earn in dollars; and for us we are a company that aspires to satisfy its customers,” Mallik said.
“There is a need in the market; there are people who want to be protected against currency devaluation.”
Under Pru Dollar, in cases of death or permanent injury, Prudential immediately pays a 50 per cent lump-sum to the beneficiary and takes over payments for the remaining period. In addition, the company 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.
Speaking at the launch, Matt Lilley, the CEO of Prudential Africa added “Since we re-entered the market in 2015, our new business sales in Uganda have grown significantly from, 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”
