The five-year Ranger Welfare and Standards Initiative is set to provide 10,000 rangers with affordable insurance cover, a statement from the palace said.
"These people do far more than protect wildlife. They are educators. They are community supporters. And they help regulate the sustainable use of natural resources," William said in a speech.
According to a report from the International Ranger Federation, only 38 percent of rangers have access to life insurance while less than 60 percent have adequate health and safety training.
"We cannot protect our planet without a well-supported workforce," William said. "That is why I am proud to announce... a new life insurance product specifically designed for rangers across Africa."
The programme was developed by the Game Rangers Association of Africa as well as the prince's Royal Foundation and Tusk Trust, a British conservation organisation.
It will also include "a leadership development and capacity building initiative for nature protectors" who often put their lives at risk to safeguard some of the planet's most iconic species and landscapes.
The 42-year-old prince also warned against "nature loss and climate change".
"The troubling reality that we face is that our planet's natural systems are rapidly approaching an irreversible tipping point," he said.
Earlier on Tuesday, the prince and heir to the British throne met with South African President Cyril Ramaphosa after visiting the landmark Signal Hill, a biodiversity hotspot.
The royal arrived in the country on Monday for his first official visit since 2010 and his first to Africa since 2018 when he visited Namibia, Tanzania and Kenya.
William played rugby with students and met young environmentalists on Monday.
The centrepiece of his tour is the announcement on Wednesday of the annual Earthshot Prize, a global environmental award designed to develop solutions to ecological problems.
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