KCB Bank Uganda and Jubilee Life Insurance have launched KCB MyCare, a bancassurance product combining banking and insurance services to expand access to life and health-related financial protection. Eligible KCB personal banking customers aged 18 to 70 can access the cover for a monthly premium of Shs3,000.
Key Overview
- Product: KCB MyCare
- Monthly premium: Shs3,000
- Eligible age: 18–70 years
- Hospital benefit: Shs50,000 per eligible night
- Maximum hospital nights: 36 per policy year
- Maximum annual hospital benefit: Shs1.8 million
- Funeral benefit: Shs2 million
- Waiting period: None once the policy becomes active
- Claims: Paid directly into the customer’s bank account within five working days
KCB and Jubilee Life Launch KCB MyCare
KCB Bank Uganda and Jubilee Life Insurance have launched KCB MyCare, a bancassurance product designed to combine banking and insurance services and widen access to life and health-related financial protection.
The launch comes against a backdrop of low insurance coverage in Uganda. According to the Insurance Regulatory Authority, overall insurance penetration stands at 0.86%. The 2024 National Population and Housing Census found that only 1.1% of Uganda’s household population had health insurance, including 1.6% in urban areas and 0.7% in rural areas.
The partnership aims to provide households with financial protection against income shocks and healthcare-related costs.
KCB MyCare Cover and Benefits
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, subject to the policy terms and eligible claims.
Customers can receive the benefit for up to 36 nights in a policy year, giving a maximum annual hospital cash benefit of Shs1.8 million.
The product 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.
Access Through Branches and Mobile App
Customers can enrol for KCB MyCare through KCB branches or the bank’s mobile app.
The product is aimed at making insurance protection accessible through channels that customers already use for their banking needs.
KCB said the product targets salary earners, self-employed people and informal-sector workers, whose incomes may be affected when illness or hospitalisation prevents them from working.
Uganda’s Insurance Protection Gap
The launch comes as insurance and health insurance coverage remain relatively low in Uganda.
The 2024 Census found that only 1.1% of the household population had health insurance. Coverage was higher in urban areas at 1.6%, compared with 0.7% in rural areas.
Overall insurance penetration is reported at 0.86% by the Insurance Regulatory Authority of Uganda.
Against this backdrop, financial institutions are seeking ways to deepen insurance uptake and provide households with greater protection against unexpected healthcare expenses and income disruptions.
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KCB Highlights Financial Impact of Health Emergencies
Miranda Bageine Musoke, Head of Retail Banking at KCB Bank Uganda, said health emergencies can affect income, household budgets and people’s ability to meet everyday obligations.
“Our customers do not experience their financial lives in separate compartments,” Musoke said. “With KCB MyCare, we are responding to that reality by making protection simple, affordable and accessible through channels our customers already use.”
The product therefore combines an insurance offering with existing banking channels, allowing eligible customers to access and manage the cover through KCB’s branch and digital network.
Jubilee Life Calls for New Insurance Distribution Models
John Katende, Chief Distribution Officer at Jubilee Life Insurance Company of Uganda, said insurers need to change how their products reach customers.
“Closing the protection gap requires us to rethink how insurance reaches customers,” Katende said.
He added that partnerships with banks could make insurance easier to access.
The partnership between KCB Bank Uganda and Jubilee Life Insurance reflects the bancassurance model, in which banks distribute insurance products through their branches and digital channels on behalf of insurers.
Bancassurance Expands Insurance Access
Under the arrangement, KCB provides customers with access to the insurance product through its existing banking channels, while Jubilee Life Insurance provides the insurance cover.
The model combines banking distribution networks with insurance products, providing customers with another way to access financial protection.
For KCB MyCare, customers can enrol through KCB branches or the bank’s mobile application, while the policy provides hospital cash and funeral benefits subject to its terms and eligible claims.
Outlook
KCB MyCare adds a health and life-related protection product to KCB Bank Uganda’s customer channels at a time when insurance coverage remains low in Uganda.
With a Shs3,000 monthly premium, hospital cash benefits of up to Shs1.8 million per policy year and a Shs2 million funeral benefit, the product is designed for eligible customers across different employment and income categories.
The partnership also demonstrates how bancassurance can use existing banking channels to distribute insurance products and address access to financial protection.
FAQs
1. What is KCB MyCare?
KCB MyCare is a bancassurance product launched by KCB Bank Uganda and Jubilee Life Insurance that provides eligible customers with health and life-related financial protection.
2. How much does KCB MyCare cost?
Eligible KCB personal banking customers aged 18 to 70 years can access the cover for a monthly premium of Shs3,000.
3. What benefits does KCB MyCare provide?
The product provides Shs50,000 for each eligible night spent in hospital, up to 36 nights per policy year, for a maximum of Shs1.8 million annually. It also includes a Shs2 million funeral benefit.
4. How can customers enrol for KCB MyCare?
Customers can enrol through KCB branches or the bank’s mobile app. Approved valid claims are paid directly into the customer’s bank account within five working days.
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