NIC Life, Spades take family life insurance to mobile money

KAMPALA – NIC Life Assurance Company Limited and Spades Insurance Brokers Limited have launched a family life insurance product that customers can buy, pay for and claim on by phone, with premiums paid through mobile money.

The product, called the Family Life Insurance Plan (FLIP), was launched on 24 September. It is sold online through flip.spades.co.ug, so customers do not need to visit an insurance office, and annual premiums start at Shs50,000.

According to the companies, customers choose a package on the platform, add family members, and pay through MTN or Airtel mobile money. The insurance certificate is issued digitally once payment is made.

Claims can be submitted online with the required documents. Policyholders can view, download or renew their cover using their policy number.

FLIP pays out when an insured family member dies, and when the main policyholder suffers permanent total disability.

Under a single policy, the main member can cover themselves, one spouse, up to four children or dependants and up to two parents, a total of eight people.

Death benefits range from Shs4 million to Shs16 million depending on the package, while permanent total disability benefits range from Shs2 million to Shs8 million, the companies said. They did not publish the premium for each package beyond the Shs50,000 starting price.

When a covered family member dies, the family can choose a cash payment, funeral services through the insurer’s accredited funeral partners, or a mix of both, subject to the policy terms and benefit limits.

The companies are also relying on a referral programme to sell the product. Individuals, companies, savings and credit cooperatives (SACCOs), associations and agents can earn an incentive for each successful referral, subject to programme terms.

Christopher Ssengendo, managing director and chief executive of Spades Insurance Brokers, said the digital purchase process and the referral network were meant to bring cover closer to Ugandans.

“Insurance should not be something families think about only after a loss occurs,” he said. “FLIP offers a simple and affordable way to protect the people who depend on them.”

Allen Amoko, chief executive of NIC Life Assurance Company Limited, said the product would give families cover against death and permanent total disability.

“Every family deserves financial protection when life takes an unexpected turn,” she said.

The launch comes as Uganda’s life insurance business grows. Citing Insurance Regulatory Authority of Uganda (IRA) figures, the companies said the insurance industry recorded gross written premiums of Shs2.024 trillion 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, according to the same figures.

In the first half of 2026, total industry premiums reached Shs1.094 trillion, up 7.68% from Shs1.016 trillion a year earlier. Life premiums rose by 30.04% to Shs524.14 billion over the period, the companies said.

The companies said insurance was still used by only a small share of Ugandans, and that selling cover through mobile phones was intended to make it cheaper and easier to buy.

NIC Life Assurance, a wholly owned subsidiary of NIC Holdings Limited, was set up in 2014 to run the group’s life insurance and savings business, after regulations required insurers to separate life and non-life business. Spades is a Ugandan insurance brokerage. Both companies are licensed by the IRA.