About FBN Insurance
FBN Insurance is a Limited Liability Company with a primary objective to help individuals and corporate clients. They help their clients bounce back as soon as possible when the unexpected occurs. This institution transacts Life Insurance businesses in Nigeria. Their products promise to give their customers peace of mind which stems from the guarantee of efficient risk management.
FBN Insurance was previously a joint ownership between FBN Holdings Plc (65%) and the Sanlam Group. Sanlam Group is one of the largest financial institutions in South Africa (35%). It officially commenced operations on the 1st of September, 2010 with presence in strategic geographical locations across the country.
They are the youngest startup insurer in Nigeria, drawing from the knowledge and experience of its owners. They anchor their operations on product innovation, efficient service delivery and prompt claim settlement and remain one of the top insurance companies in Nigeria.
However, in September 2022, FBN insurance was officially Rebranded as Sanlam group as the new parent owner.
Who bought FBN Insurance?
The Sanlam Group bought FBN Insurance. The FBN insurance group is made up of Sanlam group, its new owner, FBN Insurance, and FBN.
Sanlam Group, promised to remain committed to offering innovative product solutions to customers as the new parent owner.
Read- Cost of Life Insurance in Nigeria
FBN Insurance products
FBN Insurance offers a range of insurance products tailored to suit the insurers’ needs. These products are either corporate or retail.
Corporate Products: These are insurance products that suit every stage of a business. There are unique benefits tailor-made to match the company as it expands. Some of the products include:
Credit Life Assurance Plan: This type of insurance policy provides coverage for the outstanding debt for the borrower. It covers instances such as if the borrower dies, is critically ill, has a permanent disability or loses his job. It protects the borrower’s family from the burden of debt due to the passing or permanent disability of the beneficiaries.
Keyman Assurance Plan: This policy provides coverage against the financial loss of a company. The company may be liable due to the death of a key employee. The policy pays a lump sum on death or critical illness of this individual during the term of the plan. It ensures that there are funds for other shareholders of the company, and proceeds to buy out the KeyMan’s shares.
Tuition Protection Plan: This policy ensures that when a parent or guardian of a child passes, has a permanent disability or critically ill, the child’s education continues. It is because the insurance plan covers the child’s training for the remaining period he/she has to spend in the school.
Term Assurance Plan: This type of insurance policy provides a sum assured to the named beneficiary(ies) upon the death of the policyholder within a specified duration. The insurer has the right to cancel the policy within 30 days of commencement and receive all premiums paid as long as no benefit has been claimed.
Retail Products
They offer Life Insurance products that suit every stage of your insurer’s life with unique benefits designed to match their needs as you grow. Some of the products include:
- Family Income Protection Plan: The death of the breadwinner shouldn’t result in a decline in the dependent’s standard of living. This type of insurance guarantees payment. It ensures that the beneficiaries receive the agreed sum in the event of the death of the policyholder.
- Easy Save Plan: If you need a safe and quick way to set money aside, this insurance plan is for you. The policy covers individuals who want to save for various short-term financial objectives with interest payable on the premium in addition to a life cover.
- Personal Retirement Plan: When working life ceases a life of fun should follow suit. This type of insurance plan ensures a better experience during the retirement stage of the policyholder.
How to process claims with FBN insurance
FBN Insurance ensures that the process of claiming matured policies is an efficient claim. It also ensures the policyholders or beneficiaries receive a prompt settlement. To ensure that you get your benefits on time, follow these steps:
- Inform your financial advisor ahead of the maturity.
- Provide your account details three (3) months before the maturity date.
- Ensure that the account details provided correspond with the policy name.
FBN insurance operational branches
If you’re looking to purchase an insurance policy, FBN Insurance company has its operational branches across the country. Find the one closest to you here.
Is FBN Insurance Legit?
FBN Insurance is a Limited Liability Company licensed to transact Life Insurance businesses and was recently rebranded into Sanlam group in September 2022.
They were previously a member of the Sanlam Group, a leading diversified, pan-African financial services group but is currently rebranded as Sanlam.
Frequently Asked Questions on FBN Insurance
What does FBN Insurance pay?
The FBN insurance holdings pay an estimated total pay of NGN 3,600,000 per year
How do I check my FBN Insurance balance?
To check your FBN insurance balance, just dial *894*0# to get started and then follow the prompt.
Is FBN the same as First Bank?
FBN Holdings PLC is a new parent company of all the companies within the Group, including FirstBank. It is a legal entity domiciled in Nigeria. Is FBN Insurance legit?