One well-known life insurance company in Nigeria is Sanlam Insurance. Sanlam is a reputable financial services provider that offers a range of life insurance products, including general insurance, to individuals and families.
The company is owned by the Sanlam Group, a leading financial services group established in 1918 as a life insurance company.
Sanlam Life Insurance provides coverage that offers financial protection to beneficiaries in the event of the policyholder’s death. This coverage typically pays out a lump sum of money to the designated beneficiaries, helping to ensure their financial stability and security during a difficult time.
The value of life insurance can be significant; it gives you peace of mind, financial protection for loved ones, income replacement, debts and obligations, and education and future planning.
What Plans Does Sanlam Life Insurance Cover?
Sanlam life insurance covers 10 plans and they are:
- FlexiSave Plan: This plan gives policyholders an avenue for medium and long-term savings plus a lump sum benefit at the end of the selected period
- FlexiCash plan: This is a policy that allows the policyholder the flexibility of receiving a specified percentage of the sum assured at specified durations. So you can save periodically and gain from lump sums at specific times over a duration.
- FlexiEdu Plan: This plan helps every parent/guardian make sure they get the best education, no matter the uncertainties of life. This insurance plan is open to parents/sponsors of children across all educational levels.
- Family Shield Plan: This is an annual renewable plan that gives cover for death and permanent disability resulting from accidents ONLY. The policy also gives the policyholder an additional lumpsum amount payable to cover funeral expenses.
- Smart Protection Plan: This plan is a smart protection plan as the name goes that pays back all the premiums that you have paid during the policy duration. This means that when this policy expires, you will get your money back.
- Guaranteed Lifetime Retirement Income Plan (GLRP): This is an immediate annuity plan that provides you with funds to maintain your desired lifestyle in retirement by converting your pension funds into a regular stream of income. So it helps you maintain your standard of living in retirement.
- Personal Retirement Plan: It is a retirement savings plan that helps you create your own pension pot and ensures that you are in control of your life till your golden years. It is easy to buy, a hassle-free plan, and helps you live your retirement the way you want it.
- SabiSavers plan: It is a flexible product made to allow policyholders to use the product to their own unique earning mode and savings needs.
- SavingPlus Plan: The SavingsPlus Plan is made by Sanlam to aid disciplined savings and ensure steady returns throughout the 3 years minimum policy duration. The plan will smoothen the growth in your savings and help you build a lumpsum value that will be required to take care of your savings needs. It also provides you free insurance coverage of 1 million naira to take care of your loved ones in case of an unfortunate event of death or total permanent disability.
- Family Shield Plus: This is an annual renewable policy that gives superior cover to aid you in managing additional expenses or a shortfall in your income if you are hospitalized. It also provides basic death coverage.
So, once your duration or period of payment has reached, Sanlam will payout all the lump sum due to you. They do not waste time. But there is a waiting period of 6 months in the event that the policyholder passes on due to natural causes. It might take a bit of time.
Also, the amount of death benefit depends on your policy and what the policy covers. In the event of payment of death benefit, the designated beneficiaries claim it.
How to Apply For Sanlam Life Insurance
To apply for Sanlam life insurance, follow the steps below:
- Visit the Sanlam website
- Select the life insurance plan you need
- Enter your personal
- Fill in the amount you wish to commit and get the quote
- After getting an understanding of the total amount, take the quote to their nearest sales outlets close to you and purchase the insurance
- Or you can just visit the nearest sales outlet close to you to buy the insurance policy you need.
Note: Don’t forget to ask questions where necessary and do thorough research on your favorite policy before purchasing it.
How to Claim Sanlam Life Insurance?
To claim Sanlam Life Insurance, visit their office or speak with customer care to guide you on their recent procedure or steps to follow.
Can I Cancel The Sanlam Life Insurance Policy?
The policyholder has the right to cancel most of their policy within 30 days of commencement and receive all the premiums paid provided that no benefit has been paid or claimed in this regard. Make enquiries before purchasing a particular policy.
Pros And Cons of Taking Sanlam Life Insurance
Pros
- Cheaper to buy
- Easy to understand their policies and purchase them.
- Policyholders can cancel within 30 days of commencement as long as they haven’t been paid any benefit.
- They have up to 60 sales outlets across the 36 states in Nigeria.
- Their customer support works 24/7.
Cons
- There is a waiting period of 6 months in the event that the policyholder passes on due to natural causes to claim benefits.
Contact Details of Sanlam Life Insurance
Sanlam Life Insurance has 62 sales outlets scattered in all 36 states in Nigeria. For any issues concerning life insurance policy, you can visit their head office at NIPOST Building Marina, Lagos, Nigeria.
Or you can call the following numbers:
(+234) (1) 9054840, (+234) (1) 9054810
(+234) (1) 9054380, (+234) (1) 9054364-5. You can also send an email to wecare@sanlam.com.ng.
Conclusion
Life insurance is a long-term financial commitment, so it’s important to choose a reputable insurance company like Sanlam Life Insurance and review the policy terms and conditions carefully before making a decision.
Consult with them as they can help you determine the appropriate coverage amount and the type of policy that suits your needs.