NIC Life Assurance Company Limited, in partnership with SPADES Insurance Brokers Limited, has launched FLIP (Family Life Insurance Plan), an affordable and digitally accessible family life insurance product designed to help Ugandan families prepare financially for some of life’s most difficult moments.
FLIP provides financial protection in the event of the death of an insured family member and Permanent Total Disability (PTD) of the Main Member, with annual premiums starting from as little as Shs 50,000.
Under a single policy, a main member can cover themselves, one spouse, up to four children or dependants, and up to two parents, providing protection for up to eight family members.
“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.”
According to officials, the insurance plan is designed to provide financial support to families during such difficult moments while also protecting the main member against permanent total disability.
Depending on the selected package, death benefits range from Shs 4 million to Shs 16 million, while PTD benefits range from Shs 2 million to Shs 8 million. In the event of death, beneficiaries can choose cash benefits, funeral services through accredited funeral partners, or a combination of both, subject to the policy terms and applicable benefit limits.
The launch comes as Uganda’s insurance industry continues to record strong growth. According to the Insurance Regulatory Authority of Uganda (IRA), the country’s insurance industry recorded Shs 2.024 trillion in Gross Written Premiums (GWP) in 2025, representing a 14.72% increase from Shs 1.764 trillion in 2024.
Life insurance was a major contributor to this growth, with life premiums rising from Shs 702.2 billion in 2024 to Shs 977.6 billion in 2025. The growth has continued into 2026. IRA reported that total industry GWP reached Shs 1.094 trillion in the first half of 2026, up 7.68% from Shs 1.016 trillion recorded during the corresponding period in 2025. Life premiums increased by 30.04% to Shs 524.14 billion over the same period.
Despite the industry’s growth, insurance remains underutilised by a large proportion of Uganda’s population. FLIP is intended to contribute to financial inclusion by making life protection more affordable, simple, and accessible through digital channels.
Officials said the plan is available through flip.spades.co.ug, allowing customers to purchase and manage their cover using their mobile phones without having to visit an insurance office.
“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,” said Christopher Ssengendo, Managing Director and CEO of SPADES Insurance Brokers Limited.
“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,” he added.
