What is SME Life Pack?SME LIFE PACK is a valuable and an affordable life cover developed to guarantee continuity of SME businesses. It safeguards the lives of the business owners and their employees against unexpected eventualities such as untimely death, total permanent disability and critical illness. This product further offers hospital cash back of UGX 100,000 per night upon admission of the insured.
- Life Cover: this policy will pay out a minimum total payout of UGX 3M and maximum of up to 100M per life in case of death resulting from either natural or accidental occurrences
- Hospital cash reimbursement: the policy offers cash back of UGX 100,000 per night up to a total of 18 nights annually upon admission of the beneficiary
- School fees: guarantees a lump sum payment of 20% of the Life Cover to benefit pre-named child/children in case of death of staff member
- Funeral benefit: UAP-OM will offer 20% of the Life Cover benefit (UGX 3,000,000) lump sum cash payout to be used for funeral expenses
- A photocopy of the license or registration certificate
- A list of lives or members to be insured indicating their names, age
- Sample quotation
SME Life Pack also offers the following:
Critical Illness Cover: The insurer will payout 30% of the life benefit (UGX 3,000,000) in case of any illnesses. They include; Cancer, Coronary Artery (Bypass) grafts with surgery to divide the breastbone, heart attack (Myocardial Infarction), kidney failure requiring dialysis, major organ transplant, Multiple Sclerosis with persisting symptoms, paralysis (total and irreversible loss of use of two or more limbs), stroke, prolong coma arising from sickness, aorta graft surgery for disease, heart valve replacement or repair with surgery to divide the breastbone, brain tumour etc.
- Injuries or illnesses sustained from War, invasion, civil commotion, active participation in riots and injuries or illnesses sustained from acts of terrorism
- Intentional self-inflicted injuries or intoxication
- Treatment received outside the territorial boundaries of Uganda
- Alcohol and substance abuse
- Claims for clients who are not up to date on premium payments
- Claims submission or notification in excess of 30 days from date of discharge
- Stays in non-medical facilities and facilities not approved or licensed by the ministry of health
- Claims submitted using copies as opposed to original documents
- No medical examination required
- Maximum Age of 70 Years
- There is one-month waiting period from inception of the cover during which the client cannot access the hospital cash benefit
- The hospital cash benefit will be payable for each subsequent night after the first night of stay as an inpatient.
- No co-payments, deductibles or excesses will apply. Nor will sub limits be imposed. The full daily amount will be payable for all valid claims.
- Only expenses payable incurred at medical service providers within the geographical territory of the republic of Uganda will be admissible as claims payable by this insurance.
- Fraud perpetuated by a customer of the bank will negate the policy and disciplinary action be taken against such a customer. The same would apply to an HFB staff involved in fraudulent activities.