NIC Life Assurance Company Limited, in partnership with SPADES Insurance Brokers Limited, has launched a new affordable family life insurance product aimed at helping Ugandan families cope with financial challenges following death or permanent total disability.
The product, known as FLIP (Family Life Insurance Plan), was launched in Kampala on Thursday, September 24, 2026, with annual premiums starting at UGX 50,000.
FLIP provides financial protection against the death of an insured family member and Permanent Total Disability (PTD) of the main member.
Under a single policy, a main member can insure themselves, one spouse, up to four children or dependants, and up to two parents, providing cover for a maximum of eight family members.
According to the companies, the product is intended to make family life insurance more affordable, easier to access and simpler to manage, particularly for households that may struggle to meet the financial costs that follow the death or permanent disability of a family member.
Depending on the package selected, FLIP provides death benefits ranging from UGX 4 million to UGX 16 million, while Permanent Total Disability benefits range from UGX 2 million to UGX 8 million.
In the event of death, beneficiaries can receive a cash benefit, access funeral services through accredited funeral partners, or choose a combination of both, subject to the terms and benefit limits of the policy.
Insurance market grows
The launch comes as Uganda’s insurance industry continues to record growth, particularly in the life insurance segment.
Data from the Insurance Regulatory Authority of Uganda (IRA) shows that the country’s insurance industry recorded UGX 2.024 trillion in Gross Written Premiums (GWP) in 2025, representing a 14.72 percent increase from UGX 1.764 trillion recorded in 2024.
Life insurance was among the key contributors to the growth, with life premiums rising from UGX 702.2 billion in 2024 to UGX 977.6 billion in 2025.
The growth has continued into 2026. IRA reported that total industry GWP reached UGX 1.094 trillion in the first half of 2026, up from UGX 1.016 trillion during the same period in 2025.
Life insurance premiums increased by 30.04 percent to UGX 524.14 billion during the first half of 2026.
Despite the growth, the companies say a significant proportion of Ugandans remain without insurance protection, creating what they describe as a large protection gap.
FLIP is therefore being positioned as part of efforts to expand access to life insurance by combining relatively low premiums with digital access.
Customers can buy cover using mobile phones
The product is available through flip.spades.co.ug, allowing customers to purchase and manage their insurance without physically visiting an insurance office.
Customers can select their preferred FLIP package, add up to eight family members and pay premiums through MTN or Airtel Mobile Money.
After payment, customers can receive or download their insurance certificate digitally.
The platform also allows policyholders to submit claims online with the required documentation, view and download their policies, and renew their cover using their policy number.
The companies have also introduced a referral programme through which individuals, companies, SACCOs, associations and agents can earn incentives for successful referrals, subject to the applicable programme terms.
Allen Amoko, Chief Executive Officer of NIC Life Assurance Company Limited, said the product was designed to give families financial protection during difficult circumstances.
“Every family deserves financial protection when life takes an unexpected turn,” Amoko said.
She added that through FLIP, NIC Life and SPADES were seeking to provide affordable and accessible protection against death and Permanent Total Disability.
Christopher Ssengendo, Managing Director and CEO of SPADES Insurance Brokers Limited, said the product was intended to make insurance easier for families to understand, purchase and access.
He said insurance should not only be considered after a family experiences a loss, arguing that affordable protection could help households prepare for unexpected events.
Ssengendo said the digital purchase process and referral network would help bring insurance services closer to Ugandans.
Digital approach to insurance
SPADES says the FLIP initiative is part of its broader strategy of using technology and alternative distribution channels to expand access to insurance.
The brokerage operates under the brand promise “Insurance, Redefined”, focusing on insurance solutions that are intended to be innovative, accessible, affordable and relevant to everyday needs.
SPADES works with insurers and strategic partners to develop products targeting emerging and underserved risks in Uganda. The company is licensed and regulated by the Insurance Regulatory Authority of Uganda and is a member of the Insurance Brokers Association of Uganda.
NIC Life Assurance Company Limited, a wholly owned subsidiary of NIC Holdings Limited, was established in 2014 to manage life insurance and savings solutions following the regulatory separation of life and non-life insurance businesses.
The company provides life assurance, investment and savings solutions for individuals, families and organisations.
FLIP is currently available through the digital platform, with enquiries handled through +256 200 910 906, WhatsApp +256 784 642 140, or info@spades.co.ug.
