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Jubilee Insurance’s smart save plan to enhance saving culture

Jubilee Insurance CEO Sumit Kumar (L) with other officials at the launch of the smart save plan

Jubilee Insurance CEO Sumit Kumar (L) with other officials at the launch of the smart save plan

In Bank of Uganda’s recent estimates, the biggest percentage of the country’s population doesn’t have the saving culture, with only about three to five per cent of the 18 million workers saving on a monthly basis.

On the contrary, counterparts Kenya constitutes 23 per cent of the working population saving while Rwanda is at 18 per cent and Tanzania at 13 per cent.

This shows that Uganda’s situation is precarious, with individuals having no plan in case of unforeseen circumstances such as death or illness. It is upon this background that Jubilee Insurance launched its new financial product called the smart save plan, where customers are now able to plan ahead as they save.

Under this product, individuals are encouraged to save systematically and invest for their future financial goals. By saving money regularly, they can benefit from compounded interest either monthly or annually. Furthermore, the plan provides a level of protection for the customer’s beneficiaries every year until the end of the insurance policy, offering peace of mind and a financial safety net for the future.

While addressing the media, Sumit Kumar, the CEO of Jubilee Insurance, emphasised the need to cultivate the savings culture in the country through raising awareness and educating the public.

“Addressing Uganda’s low savings culture requires the deployment of robust educational campaigns and the introduction of innovative solutions from players in the financial sector,” he said.

Sharon Tumushabe, the CEO of Legacy Hills Investments, shared her personal experience of the year 1996 when she lost her father, making her mother a single parent of four children.

“My mother had to single-handedly take care of all the four children. I wish my dad had known about insurance. At the point of his death, we wouldn’t have suffered by going to poor schools,” she said.

On her part, Dorcus Kuhimbisa, the chief operations officer at Jubilee Insurance Company, stated that a smart savings plan provides peace of mind, enabling individuals to take risks and explore opportunities, knowing that they have a safety net in place for unforeseen circumstances.

“When you buy life insurance, the first thing that you have is peace of mind and can take risks because there is someone holding your back should anything happen, whether financially or health-wise,” she said.

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