Jubilee Life Insurance has been recognized as Uganda’s leading provider of innovative and excellent life insurance solutions, receiving the Best Excellence and Business Innovation Life Insurance Provider Award at the People’s Choice Quality Awards. The accolade, awarded in consultation with national statutory bodies, comes on the heels of the company being named Uganda’s Best Life Insurance Company for two consecutive years, 2023 and 2024.
While receiving the award, Jubilee Life Insurance CEO, Sumit Kumar Gaurav, expressed gratitude to clients for their continued trust and confidence in the company. He described the recognition as a reflection of the company’s shared commitment to innovation, excellence, and customer-focused solutions.
“Any financial strategy is incomplete without insurance to provide financial security for one’s dependents against unexpected events,” Gaurav noted. “Life insurance offers many built-in benefits. Beyond protecting beneficiaries after the policyholder’s passing, it often includes an investment component that allows policyholders to grow their funds and achieve major life goals, such as purchasing a home or funding their children’s education. It is this kind of innovation that has kept us at the forefront of the insurance industry.”
He emphasized the importance of starting financial planning early, advising individuals to begin with small insurance or pension policies and gradually increase coverage as their income grows.
According to Gaurav, insurance acts as a protective layer for investments, enabling individuals to grow wealth without prematurely liquidating assets to deal with unforeseen emergencies.
The People’s Choice Award was based on a nationwide survey conducted between February 20 and June 27, 2025, across Uganda’s four major regions: Northern, Western, Eastern, and Central.
Out of 40,000 respondents, 2,781 voted for Jubilee Life Insurance, representing 7% of the total vote, solidifying the company’s position as a trusted brand.
The survey results painted a mixed picture. While 34% of respondents (13,752) expressed interest in life insurance products, 66% (26,248) showed little to no interest. This reflects the challenges faced by the Uganda Insurance Authority and industry players in combating public apathy toward insurance. However, the numbers also reveal an untapped growth opportunity, as a majority of the market remains unsaturated.
Encouragingly, the survey also showed that life insurance consumption rose to 34%, marking a 6.3% increase compared to 27.7% during the same period last year. This growth was attributed to ongoing public sensitization campaigns and the increasing popularity of Bancassurance, which has made insurance products more accessible through financial institutions.
With this recognition and growing interest in life insurance, Jubilee Life remains committed to driving innovation and expanding financial inclusion, while continuing to encourage Ugandans to plan early for their financial futures.
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