Overview:

Diamond Trust Bank and Jubilee Life Insurance relaunch the Kids’ Winner Savings Account in Uganda, adding life insurance and school fees protection to children's savings plans.

KAMPALA, Uganda — Diamond Trust Bank has relaunched its flagship children’s savings product, the DTB Kids’ Winner Savings Account, adding an integrated life insurance shield to the plan.

The enhanced account, developed in partnership with Jubilee Life Insurance, aims to provide financial protection for children’s futures while encouraging long-term savings habits for families.

Parents can open an account with a minimum balance of 50,000 Ugandan shillings. To qualify for the new insurance coverage, accounts must maintain a monthly balance of 300,000 shillings and receive at least one deposit per month. The account is available for children under age 18.

Godfrey Sebaana, chief executive of DTB, said the initiative aligns with the bank’s goal of combining protection and savings.

As parents, our greatest ambition is to ensure that our children’s potential is never limited by our own unforeseen circumstances, Sebaana said. By combining the growth of savings with the certainty of protection, we are providing a powerful new shield that ensures a child’s education and future remain secure.

The insurance package includes several safety nets for families:

  • Education protection: A school fees benefit of up to four times the average quarterly balance.
  • Coverage caps: Benefits are capped at 10 million shillings for natural death and 5 million shillings for disability.
  • Retrenchment support: A payout of two times average monthly savings for up to three months following involuntary job loss, not to exceed 5 million shillings.
  • Health and final expenses: Hospital cash of 30,000 shillings per day for admissions exceeding three days, and a 500,000 shilling last expense benefit.

Eugine Mutekhele, acting CEO of Jubilee Life Insurance Ltd., said the partnership is intended to safeguard family ambitions.

By integrating comprehensive life assurance into the Kids’ Winner Savings Account, we are delivering more than a financial product, Mutekhele said. We are delivering certainty, stability and a secure foundation for Uganda’s future generation.

The account also offers annual interest for balances above 100,000 shillings and allows for up to four free withdrawals per year.