At the end of this week, PostBank Uganda’s Bancassurance team, along with a representative from UAP Old Mutual Uganda, convened in Kamdini to witness another testament to the value of insurance.
Lucy (not her real name) lost her husband roughly a month ago. He was a dedicated maize farmer who held an account with PostBank (Kamdini Branch). He had taken out an Agriculture Production Loan to enhance his crop yield.
This loan was insured with coverage provided by CiC Insurance Uganda under their Group Credit Life Insurance, amounting to 3.2% of the UGX 10 million he had borrowed. Additionally, PostBank credit officers had encouraged him to sign up for a Group Funeral plan facilitated by UAP-Old Mutual to enable his wife to afford a decent life after his demise. He readily agreed and paid the annual premium of UGX 130,000. Tragically, after his passing, Lucy was contacted by our Kamdini Branch Business Manager. He informed her that she could claim the UGX 10 million from her late husband’s Group Funeral policy, as he was the principal member. What Lucy did not anticipate was that insurance would also be extended to settle her husband’s outstanding UGX 10 million loan.
Lucy, her countenance reflecting a blend of joy and sorrow, shared her feelings. She confessed uncertainty about the future for her seven children but now had a foundation upon which to build. Her plan was to invest the claim in her business, ensuring the financial stability of her family. She extended her heartfelt gratitude to PostBank for being a dependable institution and pledged to continue her banking relationship with the bank, even in her husband’s absence.
