Opportunity Legacy

This is an insurance cover for ordinary savers who maintain a certain minimum balance. It is similar to credit life insurance for our loan customers. However, this is completely FREE! This initiative is aimed at motivating and influencing our savers increase their average balances. It is also aimed at encouraging the general public open savings accounts with us.

Benefits of Opportunity Legacy.
Min quarterly average of UGX 50,000-100,000 gets 3.5 times the average plus school fees of UGX 200,000.Premium payable by OBUL- UGX 1,500 per annum.

Min quarterly average of UGX 100,0001– 200,000 gets 5 times the average plus school fees of UGX 500,000.Premium payable by OBUL is UGX 3,000 per annum.

CMin quarterly average of UGX 200,001-250,000 gets 7 times the average plus school fees of UGX 750,000.Premium payable by OBUL is UGX 4,500 per annum

Min quarterly average of UGX 250,000+ gets 10 times the average plus school fees of UGX 1,000,000. Premium payable by OBUL is UGX 6,000 per annum.

Customer must have an OSA, Agro, Extra Save with OBUL for atleast three months.
Customers should be in the age bracket of 18 - 65 years.
Those above 65 years may be considered at agreed special terms with the insurance company.
The maximum benefits in any case is UGX 20M.

Requirements for a saver
All customers (existing and new) are required to fill membership forms (from ICEA).
Customer's Name and Beneficiary Name.
Account number
Month 1, 2, 3 balance
Average Quarterly balance per depositor

Claims Procedure
Notification within 30 days by manager.
Original Death certificate.
Member account statement.
Deaceased's copy of identification such as voter's card, driver's license (which must have been obtained prior to the depositor's demise). A police abstract in case of death as a result of an accident. ; and
For permanent total disability we require a report from qualified medical doctor.
Payment within 3 working days of receipt of suitably signed discharge form.

Planned roll out
This is planned to start April 1st, 2013.
Systems test have been carried out.
Marketing material and messages have been processed and produced.

Scope of cover
Death from all causes
Permanent Total Disability
Maximum benefit is UGX 20M

Anything can happen, but am not
worried. I am covered with opportunity