NIC Life Assurance Company Limited has partnered with SPADES Insurance Brokers Limited to introduce a new family life insurance product aimed at helping Ugandan households prepare for the financial challenges that can follow death or permanent disability.The product, known as FLIP (Family Life Insurance Plan), was launched on September 24, 2026, with annual premiums starting at Shs50,000.
The plan is designed to provide affordable protection while allowing customers to purchase and manage their policies digitally.Under a single FLIP policy, a main member can insure themselves, one spouse, up to four children or dependants and as many as two parents. This means one policy can provide protection for up to eight members of the same family.FLIP provides death benefits ranging from Shs4 million to Shs16 million depending on the selected package, while Permanent Total Disability benefits for the main member range from Shs2 million to Shs8 million. Families receiving a death benefit can choose cash, funeral services through accredited partners, or a combination of both, subject to the terms of the policy.The launch comes as Uganda’s insurance industry continues to expand, with figures from the Insurance Regulatory Authority showing that total Gross Written Premiums rose to Shs2.024 trillion in 2025 from Shs1.764 trillion in 2024. Life insurance premiums also increased significantly during the same period, rising from Shs702.2 billion to Shs977.6 billion.The companies said FLIP is intended to contribute to wider financial inclusion by making life insurance easier to access for families that may not have traditionally considered insurance.
Customers can access the product through the digital platform, select a package, add family members and pay premiums using MTN or Airtel Mobile Money.The platform also allows customers to receive their insurance certificates digitally, submit claims online, view or download their policies and renew their cover using their policy numbers. It also includes a referral programme through which eligible individuals, companies, SACCOs, associations and agents can earn incentives for successful referrals under the applicable terms.Allen Amoko, Chief Executive Officer of NIC Life Assurance Company Limited, said FLIP was developed to give families affordable financial protection when unexpected events occur. SPADES Managing Director and CEO Christopher Ssengendo said the product is intended to make insurance easier to understand, purchase and access by combining affordable cover with a fully digital customer journey.
