Jubilee Life Insurance to pays Shs 90 billion in maturities

Jubilee Life Insurance is set to pay up to Shs 90 billion in maturity benefits in 2024
The company launched the Jubilee Venture Plan, a product designed to diversify investment options in Uganda
The DTB-Jubilee Bancassurance has paid up to Shs 18 billion to customers as maturity benefits

The company projects to pay up to Shs 90 billion in maturities this year according to its CEO, Mr Kumar Sumit Gaurav.

Mr Kumar Sumit Gaurav speaking at the launch pulse uganda

“I am proud to say on behalf of Jubilee Life Insurance that this year 2024 we are paying 90 billion of maturity. This is all thanks to the ecosystem we have created which ensures that once people come in, they do not leave. This is how we are driving the financial inclusion agenda,” he said.

Mr Sumit was speaking Tuesday at the launch of the Jubilee Venture Plan, a new product designed to diversify investment options in Uganda.

The plan launched in partnership with Diamond Trust Bank (DTB) offers a shorter investment duration, allowing customers to save for specific future financial goals such as purchasing land, constructing a home, pursuing real estate ventures among others.

The product, he said, was designed with customer feedback in mind.

The DTB-Jubilee Bancassurance has been running for the past years, and according to Godfrey Sebaana, the CEO DTB, up to Shs 18 billion has been paid up to customers as maturity benefits under this arrangement alone.

Bancassurance has increasingly become a key revenue stream for the insurance industry, as recent trends indicate. In 2023, the industry recorded UGX179.5 billion in gross written premiums, marking a 9.9% increase from UGX142.7BN in 2022. Specifically, Jubilee bancassurance individual life contributed UGX 45 Billion gross written premium to this total in 2023.

Godfrey Sebaana, the CEO DTB pulse uganda

At the launch, Mr Sebaana emphasized the need for Ugandans to embrace the saving culture.

“When we go through a sad moment we have a culture of doing it together. But we should not wait until risk has crystallized. We need to encourage the culture of saving,” he said.

The Jubilee Venture Plan, he said, offers savers the benefit of building a substantial fund that provides financial support to their loved ones in case of their passing.

As of 2021, insurance penetration in East Africa stands at 1.2% across the region, with Kenya at 2.2%, Tanzania at 0.6%, and Uganda at 0.8%. Despite this, Uganda’s insurance sector experienced steady growth of 11.29% in 2023, with total premiums increasing from UGX 1.4 trillion in 2022 to UGX 1.6 trillion in 2023.

Winners rewarded

Meanwhile at the event, Jubilee Life Insurance rewarded its DTB Bancassurance agents for surpassing targets in the first quarter of 2024. The seven winners, who booked a total of UGX 1.2 Billion.

The seven top performers got an all-expenses-paid trip to Cape Town, South Africa.