NIC Life Assurance Company Limited and SPADES Insurance Brokers Limited have launched a new family life insurance product targeting Ugandans seeking affordable financial protection against death and Permanent Total Disability (PTD).
The product, known as FLIP (Family Life Insurance Plan), comes with annual premiums starting at Shs50,000 and is available through a digital platform, allowing customers to purchase and manage their policies using mobile phones.
Under the product, a main member can insure themselves, one spouse, up to four children or dependants and up to two parents, bringing the maximum number of people covered under one policy to eight.
The companies said the product is intended to provide families with financial support following the death of an insured member, while the main member also receives protection against Permanent Total Disability.
Depending on the package selected, death benefits range from Shs4 million to Shs16 million, while PTD benefits range from Shs2 million to Shs8 million.
In the event of death, beneficiaries can receive cash benefits, funeral services through accredited funeral partners, or a combination of the two, subject to the terms and limits of the policy.
“Every family deserves financial protection when life takes an unexpected turn,” said Allen Amoko, Chief Executive Officer of NIC Life Assurance Company Limited.
“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 continued growth in Uganda’s insurance industry, although insurance penetration remains relatively low.
According to figures from the Insurance Regulatory Authority of Uganda (IRA) cited by the companies, the insurance industry recorded Shs2.024 trillion in Gross Written Premiums (GWP) in 2025, up 14.72% from Shs1.764 trillion in 2024.
Life insurance premiums rose from Shs702.2 billion in 2024 to Shs977.6 billion in 2025, making life business one of the contributors to the industry’s overall growth.
The sector has maintained its growth momentum in 2026. IRA figures show that total industry GWP reached Shs1.094 trillion in the first half of 2026, compared with Shs1.016 trillion in the corresponding period of 2025. Life premiums increased by 30.04% to Shs524.14 billion during the period.
Against this backdrop, FLIP is being positioned by its promoters as a product aimed at widening access to life insurance by lowering the cost of entry and moving much of the customer journey online.
Customers can purchase the cover through the FLIP platform, select a package, add eligible family members and pay premiums using MTN or Airtel Mobile Money.
The platform also allows policyholders to receive or download their insurance certificates, submit claims online with the required documentation, and view, download or renew policies using their policy numbers.
SPADES said the product also includes a referral programme through which individuals, companies, SACCOs, associations and agents can earn incentives for successful referrals, subject to the applicable terms.
“Insurance should not be something families think about only after a loss occurs,” said Christopher Ssengendo, Managing Director and CEO of SPADES Insurance Brokers Limited.
“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 companies said customers can access the product through flip.spades.co.ug, with cover and benefits subject to the applicable policy terms and conditions.
