Ugandans have been advised to embrace education insurance policies being offered by different insurance companies in the country.
UAP life Assurance introduced an education policy tagged Somesa which helps children in the unfortunate event of death of the policy holder. The policy provides Children income benefit to cater for their school fees and other basic needs.
Vicky Nabukenya is one of the beneficiaries of the product. “The mother took a wise decision to take out a life insurance. Unfortunately, she passed away. But as an insurance company we have taken over the responsibility because the policy provides the child income benefits where every year she gets a certain amount of money to cater for her school fees and other basic needs. Then at the end we shall pay her a lump sum amount of money after a period of nine months,” Allan Lwanga, the UAP Life Assurance Uganda Limited Sales Manager said.
He was speaking at Mother Manjeri Primary School in Kirinya, during a visit to Vicky Nabukenya.
Lwanga said parents who took up such policies enjoy the benefits because insurance companies have now taken over the responsibility of paying for school dues for their children.
Lwanga said many Ugandans are still having negative perceptions about Insurance companies especially when it comes to pay back their clients in case of any risk, however he noted that the sector is highly regulated thus the public should trust them.
Edward Peter Basembeza the head teacher of the school said the Insurance policy has helped Nalubega.
“I wish all parents could take out Education policies from Insurance companies this can help schools to operate without financial challenges because those Insurance companies where our parents took out education Insurance policies for their children are now are paying in our money (school dues) on time” he said.