Business

Why You Need Prudential’s Edusave for Your Child’s Future

With only 0.86% of the population currently insured, Uganda ranks very low in the world in terms of insurance penetration.

This is mainly due to myths that insurance is very expensive and only for the rich.

Also insurance is seen as an expense instead of an investment that it is.

This week, our report Sharon Kyatusiimire sat down with John Kow Abakah – Head of Agency and distribution, Prudential Uganda to discuss advantages of having insurance for your child, how much it costs and how easy it would be to access the fund when time is due.

Tell us about Prudential?

Prudential is one of the largest and most trusted life insurance companies in the world.

We have been providing financial services for over 169 years and today we serve over 24 million customers worldwide.

We are trusted because we have a reputation of honoring claims.

We will never decline a genuine claim. When the titanic sank, we paid out claims on nearly 300 lives.

Back home in Uganda, we have built the same reputation.

You may have recently seen in the media, testimonials from some of our clients whose claims we have honored.

What school fees savings product does Prudential have for parents/Guardians?

Prudential has a very unique children’s education plan called Pru Edusave.

The plan allows parents to save an affordable amount of money every month for an agreed period of time to guarantee their children’s higher education.

Should anything happen to the parent during that period, Prudential will take on the responsibility of making the monthly payments and will ensure the child goes to school or any university of their choice.

If nothing happens to the parent, Prudential will give back all savings to the parent along with bonuses to take care of the child’s tuition and living expenses.

It is your money after all!

Who is eligible for this product?

We all know that education is the best gift you could ever give to a child, that’s why this product is open to all parents, grandparents or guardians between the ages of 20 and60 years.

How long does a parent/guardian save for?

At Prudential, we are very flexible.

We allow parents to choose the period depending on their child’s age. You can save for a period of 5 years to 20 years, the choice is yours.

What happens if the parent/guardian passes on before the agreed period?

If God-forbid, a parent or guardian passes on or becomes disabled before the agreed period, Prudential will make sure the child’s education is not interrupted by immediately paying a 50% lump-sum of money and taking over all future premiums.

In addition to the 50% pay-out, Prudential will pay 100% of the promised amount at the end of the agreed period along with accrued bonuses.

What happens if the beneficiary passes on or gets a scholarship?

With the help of our competent underwriters, the parent or guardian can nominate another beneficiary of their choice at any time.

Can someone save in any other currency other than shillings?

Yes, we recently launched Pru Dollar, a product that allows parents or guardians to save for their children’s education in dollars as a way of safeguarding their savings against inflation.

Most people say insurance companies take long to settle claims, how long does it take for Prudential to process a claim?

At Prudential, we have made the claim process as easy as possible.

Immediately the insured event happens, you can share with us the necessary documents via mail, WhatsApp, etc for us to commence the process and make the payment within days.

The original documents can always be availed later.

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