By Jovita Mirembe
Insurance companies are planning to partner with the Agribusiness industry to offer affordable health and life Insurance cover, General Manager Turaco Insurance Brokers Ltd has said.
Hamza Mutebi said that the Agri business industry is one of the sectors that has the biggest number of people working there.
‘’According to Uganda Bureau of Statistics(UBOS) report 2021 estimates that about 70% of Uganda’s working population is employed in agriculture. Most of these people don’t have health and life insurance which leaves their families in balance in case they lose their lives and yet had running loans in various financial institutions’’ Mutebi said.
He said that a big number of the farmers get loans to boost their farming businesses but can get mis fortunes which include illness, accidents and death.
Mutebi said that in a bid of reducing stress of the borrowers in paying their loans in case of accidents or illnesses and in case of death families suffering , Turaco Insurance Brokers Ltd and Letshego Uganda have launched a partnership to offer affordable and low rate life and health insurance coverage for low income earners.
Mutebi said that merely 1% of Ugandans which are only 400,000 are currently covered by formal insurance plans covered by their work places, the majority of people remain incredibly vulnerable to financial shocks caused by illness, accidents and death.
Giles German Aijukwe-CEO, Letshego Uganda said that if a customer now borrows sh550,000 from Letshego Uganda and above they qualify to have a life and insurance cover of 50,000 which runs for a whole year.
He said that Letshego dispatches 3000-4000 loans every day and this will help these clients to benefit from the insurance cover.
Aijukwe said that borrowers will be given hospital cash that will act as income replacement upon hospitalization amounting to a maximum of sh 1million which will help them pay off their loan arrears and hospital bills while funeral cover in case of death will be sh2million.
He said that the initiative is aimed at improving the quality of lives of Ugandans as wells as widening the scope of micro insurance in the country.
This was during the Letshego Uganda partnership with Turaco Insurance brokers Ltd launch of the LetsGo insure as part of their loan on board process 14 July at Letshego offices in Kololo.
