NIC Life Assurance Company Limited, in partnership with SPADES Insurance Brokers Limited, has launched a family life insurance product targeting Ugandan families seeking affordable financial protection against death and permanent total disability.
The Family Life Insurance Plan (FLIP), launched in Kampala on September 24, allows a main policyholder to cover themselves, one spouse, up to four children or dependants and up to two parents under a single policy.
Annual premiums start at Shs50,000, with the cover providing death benefits ranging from Shs4 million to Shs16 million, depending on the package selected.
The plan also provides Permanent Total Disability (PTD) benefits for the main member, ranging from Shs2 million to Shs8 million.
In the event of death, beneficiaries can choose to receive a cash benefit, funeral services through accredited funeral partners, or a combination of both, subject to the terms and limits of the policy.
Allen Amoko, the chief executive officer of NIC Life Assurance Company, said the product was intended to help families cope with the financial consequences of unexpected deaths and permanent disability.
“Every family deserves financial protection when life takes an unexpected turn. Through FLIP, NIC Life, in partnership with SPADES, provides affordable and accessible protection against death and Permanent Total Disability, helping Ugandan families navigate difficult moments with greater financial security,” Amoko said.
The launch comes amid growth in Uganda’s insurance industry, although insurance uptake remains relatively low compared to the country’s population.
According to the Insurance Regulatory Authority of Uganda (IRA), the industry recorded Shs2.024 trillion in gross written premiums in 2025, up 14.72 per cent from Shs1.764 trillion in 2024.
Life insurance was among the major contributors to the growth, with life premiums rising from Shs702.2 billion in 2024 to Shs977.6 billion in 2025.
The growth has continued into 2026. IRA reported that total industry gross written premiums reached Shs1.094 trillion in the first half of 2026, representing a 7.68 per cent increase from Shs1.016 trillion recorded during the same period in 2025.
Life insurance premiums rose by 30.04 per cent to Shs524.14 billion during the period.
FLIP is available through an online platform, allowing customers to purchase and manage their policies using mobile phones.
Customers can select a package, add up to eight family members, pay premiums through MTN or Airtel Mobile Money and receive or download their insurance certificates digitally after payment.
The platform also allows policyholders to submit claims online, view or download their policies and renew their cover using their policy numbers.
SPADES Insurance Brokers managing director and chief executive officer Christopher Ssengendo said the product was intended to simplify access to insurance.
“Insurance should not be something families think about only after a loss occurs. FLIP offers a simple and affordable way to protect the people who depend on them. Through affordable cover, a fully digital purchase journey and a broad referral network, we are bringing family protection closer to Ugandans and making insurance easier to understand, purchase and access,” Ssengendo said.
The product also has a referral programme under which individuals, companies, savings and credit cooperative organisations (Saccos), associations and agents can earn incentives for successful referrals, subject to the programme’s terms.
