According to the National Insurance Commission (NAICOM), there are five primary classifications of insurance operations in Nigeria. To operate in these categories, the regulatory agency currently controls every insurance company in Nigeria.
- Composite Insurance
- General Insurance
- Life Insurance
- Takaful Insurance
- Re-insurance
Composite insurance companies and Life insurance companies are the two forms of insurance firms authorized to provide life insurance services in Nigeria. The primary distinction between the two is that life insurance companies exclusively offer services relating to life. Conversely, composite insurance companies offer both life and non-life-related services.
This implies that some insurance companies must sell both life insurance policies and general insurance products like auto insurance policies. However, some insurance companies specialize in selling life insurance policies.
Top 6 Life Insurance Companies in Nigeria
1. African Alliance Insurance Plc
Formally established on May 6, 1960, and formerly doing business as African Alliance Insurance Limited. In Nigeria, African Alliance Plc. maintains a network of 18 branch offices. They provide a special mix of investment, savings, and protection products (life insurance).
They offer products like
- Group Life Assurance
- Annuity Plans
- Children education Plan
- Mortgage Protection Plan
- Takaful Insurance
2. ARM Life
As a traditional asset management company with a focus on the management of quoted equities and fixed income instruments, ARM was founded in 1994. Today, the National Insurance Commission (NAICOM) has authorized and regulated ARM Life to provide life, annuity, and health insurance.
They offer the following personal and family products like;
- Savings Plan
- Education Plan
- Memorial Plan
- Cashback Plan
- Family Welfare Plan
- Mortgage Plan
They also offer corporate products and services like
- Group Life Insurance
- Critical Illness
- Permanent disability cover
- Temporary disability cover
3. FBN Insurance Limited
The life insurance company FBN Insurance offers protection to both individual and corporate clients. FBN Insurance is located in key areas around Nigeria and is completely supported by its partnership with FBN Holdings Plc.
It is a limited liability company with a Nigerian license to conduct life business. FBN Holdings and the South African company Sanlam Group jointly own FBN Insurance.
FBN Insurance Limited purchased the general insurance company Oasis Insurance in 2014, and the company is now known as FBN General Insurance. As a division of FBN Insurance Limited, it conducts business.
Their products include
- Easy Save Plan
- Flexi Edu Plan
- Flexi Save Plan
- Family Income Protection Plan
- Personal Retirement Plan
- Group Life Assurance
- Credit Life Assurance
- Term Assurance
- Keyman Assurance
- Mortgage Protection Plan
4. Tangerine Life Insurance
A life insurance company called Tangerine is active in Nigeria. Prior to being acquired in 2017, the company was once known as Metropolitan Life Insurance. The purchase of a majority stake in ARM Life, which will make them Nigeria’s fourth-largest life insurance company, has also been announced for March 2020.
Their products include
- Group Life Plan
- Credit Life Plan
- Term Life Plan
5. Prudential Zenith Life
Formerly Zenith Life Insurance. Prudential Plc one of the oldest insurance companies in the world acquired a majority stake in Zenith Life Insurance in 2016. This gave birth to the name Prudential Zenith Life
Prudential Zenith Life also offers products and services designed for corporate and individual clients, and they include;
- My Savings Plan
- My Family Protection Plan
- Hospital Cash Plan
- Mortgage Protection Plan
- Child Education Cash Plan
- Keyman Assurance Plan
- Group Life Assurance
- Credit Life Assurance
6. Custodian Life Assurance Limited
A division of Custodian Investments Plc is Custodian Life Assurance Limited. Prior to then, it was known as Crusader Life Insurance Limited. The National Insurance Commission (NAICOM) has authorized and licensed this life insurance specialist company to conduct all life insurance businesses. In 1989, it changed its status to public limited company, and in 1990, it was placed on the stock market.
Their products include
- Esusu Shield
- Personal Provident Plan
- Investment Plus Plan
- Education Endowment
- Term Assurance
- Whole Life Assurance
- Tuition Protection
- Annuity Plan
Conclusion
We have only mentioned a handful of the many life insurance companies that are authorized to sell exclusively life insurance products. These life insurance companies provide products that combine protection and investment plans.
Make sure to ask about their business model and other channels for providing services when selecting a life insurance partner. Before entering into any type of investment plan with them, this will enable you to make an educated decision.
Leave a Reply