NIC Launches is Vuga Eyiyo life product.
From the stable of NIC Life comes another important insurance product, Vuga Eyiyo which is an insurance savings plan offered to boda boda cyclists with the option to take out a life (protection) cover. Vuga Eyiyo product enables the boda boda cyclists to purchase insurance covers conveniently.
The Savings Plan will enhance a healthy savings culture amongst the boda boda cyclist enabling them to buy their own motor cycles, land and many more, whilst the life (protection) cover will provide financial assistance to the loved ones of the boda boda cyclist, who is the breadwinner in case of their demise.
This insurance plan comes in two options
OPTION 1: Savings Plan
Under this option, the boda boda cyclists can buy an insurance savings plan for a minimum period of 1 year up to 4 years. At the end of the period, his savings alone with accrued interest becomes available to him.
Features and Benefits
· Higher and Guaranteed interest rate of 5%
· No charges on your withdrawals at maturity
· Hassle free savings
· Free accidental Death Benefit up to Ushs. 500,000/=
· High fund accumulation to meet future financial needs.
OPTION 2: Life (protection) Cover
Under this option, the boda boda cyclist can buy a protection cover for a minimum period of 1 month up to 12 months. In case he passes away during this period, a death benefit of Ush. 1,000,000 becomes payable to his loved ones.
Features and Benefits
· Can be taken out for 1 month, 3 month, 6 month or 12 month.
· Gives you a peace of mind.
· Premium is as low as Ushs. 7,933
“This policy is one of the various micro insurance policies that NIC Life has in place as we try to tap into the informal sector and encourage a saving culture in the country.” Mr. Antony Ngugi, Ag. MD NIC Life Assurance Company Ltd
For further information call Abonyo Pamela, Head Corporate Communications on 0417119915/0757515235 email:pabonyo@nic.co.ug, Twitter:@elabonyo
Contact NIC at the office nearest to you or submit a business inquiry online.
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