March 4, 2024
How First Bank Insurance Works in Nigeria

How First Bank Insurance Works in Nigeria

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How FBN Insurance Works

FBN Insurance has a reputation for offering innovative product solutions to its customers.

Its product offerings are designed to meet the insurance needs of both individuals and corporate clients.

They are committed to providing their clients with peace of mind, which is a guarantee of efficient risk management.


FBN Insurance was previously a joint venture between FBN Holdings Plc (65%) and the Sanlam Group (35%).

The Sanlam Group, one of the largest financial institutions in South Africa, has since acquired full ownership of FBN Insurance.

The acquisition was completed in September 2022, and FBN Insurance is now officially rebranded as Sanlam Group.

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FBN Insurance offers a variety of insurance products, which are categorized as either corporate or retail.

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The corporate products are tailored to suit the unique needs of businesses at every stage of their growth, while the retail products cater to the needs of individuals.

Corporate Products

Credit Life Assurance Plan: This product covers the outstanding debt of borrowers in the event of their death, critical illness, permanent disability, or job loss.

It ensures that the borrower’s family is not burdened by the debt.

Keyman Assurance Plan: This policy provides coverage against the financial loss of a company due to the death of a key employee.

It pays a lump sum on death or critical illness of the employee during the term of the plan.

The proceeds can be used to buy out the employee’s shares and provide funds for other shareholders.

Tuition Protection Plan: This policy ensures that a child’s education continues in the event of a parent or guardian’s death, permanent disability, or critical illness.

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Term Assurance Plan: This policy provides a sum assured to the named beneficiaries upon the death of the policyholder within a specified duration.

Retail Products

Family Income Protection Plan: This product guarantees payment to the beneficiaries in the event of the policyholder’s death, ensuring that their standard of living does not decline.

Easy Save Plan: This product is designed for individuals who want to save for short-term financial objectives while also having life cover.

Personal Retirement Plan: This plan ensures a better experience during the retirement stage of the policyholder.

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Claims Processing

FBN Insurance ensures that its policyholders or beneficiaries receive prompt settlement when claims are made.

To ensure that claims are processed efficiently, policyholders are advised to inform their financial advisor ahead of maturity, provide their account details three (3) months before the maturity date, and ensure that the account details correspond with the policy name.

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Operational Branches

FBN Insurance has operational branches across the country, making it easier for customers to purchase an insurance policy.

Customers can find the branch closest to them on the FBN Insurance website.

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FBN Insurance is a Limited Liability Company licensed to transact Life Insurance businesses.

The acquisition by the Sanlam Group has strengthened FBN Insurance’s position as a leading insurance company in Nigeria.

Frequently Asked Questions

What does FBN Insurance pay?
The estimated total pay for FBN Insurance Holdings is NGN 3,600,000 per year.

How do I check my FBN Insurance balance?
To check your FBN insurance balance, dial *894*0# and follow the prompts.


FBN Insurance, now officially rebranded as Sanlam Group, is one of the top insurance companies in Nigeria.

Its innovative product offerings and commitment to efficient service delivery and prompt claims settlement have endeared it to both individuals and corporate clients.

As the Sanlam Group’s fully owned subsidiary, FBN Insurance is well-positioned to continue offering its customers innovative and tailored insurance solutions.

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