KCB Bank Uganda has partnered with Jubilee Life Insurance Company of Uganda to launch KCB MyCare, an affordable insurance solution designed to provide customers with financial support during hospitalisation and following the death of an insured customer.
The partnership comes against a backdrop of low insurance uptake in Uganda. According to the 2024 National Population and Housing Census, only 1.1% of Uganda’s household population had health insurance coverage, with coverage at 1.6% in urban areas and 0.7% in rural areas. The Insurance Regulatory Authority of Uganda has also reported insurance penetration at 0.86%.
KCB said the new product is part of its efforts to broaden its financial services offering beyond traditional banking and provide customers with accessible protection against unexpected financial shocks. Under KCB MyCare, eligible KCB personal banking customers aged between 18 and 70 years can access insurance cover for a monthly premium of Shs3,000.
The product provides Shs50,000 for each eligible night spent in hospital, up to a maximum of 36 nights in a policy year. This means customers can receive up to Shs1.8 million in hospital cash benefits annually, subject to the policy terms and eligible claims. The cover also includes a Shs2 million funeral benefit payable in the event of the insured customer’s death.
KCB said the policy has no waiting period once it becomes active and does not require a deductible or co-payment. Approved valid claims are paid directly into the customer’s bank account within five working days.
Miranda Bageine Musoke, Head of Retail Banking at KCB Bank Uganda, said the partnership with Jubilee Life reflects the bank’s focus on addressing customers’ broader financial needs.
“Our customers do not experience their financial lives in separate compartments. A health emergency can affect income, household budgets and the ability to meet everyday obligations,” Musoke said. “With KCB MyCare, we are responding to that reality by making protection simple, affordable and accessible through channels our customers already use. This is about helping our customers stay financially resilient even when unexpected events occur.”
The product is targeted at a broad range of customers, including salary earners, self-employed people, and workers in the informal sector whose incomes may be affected by illness or hospitalisation.
John Katende, Chief Distribution Officer at Jubilee Life Insurance Company of Uganda Ltd, said partnerships between financial institutions and insurers could help address Uganda’s insurance protection gap.
“Closing the protection gap requires us to rethink how insurance reaches customers. At Jubilee, our focus is not only on developing relevant solutions, but also on building partnerships that make protection easier to access and integrate into customers’ everyday financial lives,” Katende said.
He said KCB MyCare combines KCB’s customer and distribution network with Jubilee Life’s insurance expertise to provide affordable protection against financial shocks.
Eligible KCB personal banking customers can enrol through KCB Bank Uganda branches and available digital channels, including the KCB Mobi-App. At Shs3,000 per month, customers can access up to Shs150,000 in hospital cash benefits for three eligible nights in a month, while the annual hospital cash benefit can reach Shs1.8 million for 36 eligible nights. The additional Shs2 million funeral benefit provides financial support to beneficiaries following the death of an insured customer.
Customers are required to notify the insurer or broker within 48 hours of hospital admission and can submit the required claim documents through any KCB branch or the bank’s Bancassurance email channel.
