FBN Insurance And How It Works 2022/2023

How FBN Insurance Works

About FBN Insurance

FBN Insurance is a Limited Liability Company with the main goal of assisting private and business clients. When the unexpected occurs, they assist their clients in recovering as quickly as possible. In Nigeria, this institution does life insurance business. As a result of the promise of effective risk management, their solutions offer to give their clients peace of mind.

FBN Holdings Plc (65%) and the Sanlam Group jointly owned FBN Insurance in the past. One of the biggest financial firms in South Africa (35%) is the Sanlam Group. On September 1, 2010, it began conducting business formally, and it now has presence in key national regions.

With the skills and experience of its owners, they are the newest startup insurance in Nigeria. They continue to be among the top insurance providers in Nigeria by basing their operations on the development of new products, effective service delivery, and quick claim resolution.

However, FBN Insurance was formally rebranded as Sanlam Group as the new parent company in September 2022.

FBN Insurance And How It Works 2022/2023

Who bought FBN Insurance?

FBN Insurance was acquired by the Sanlam Group. The Sanlam group, its new owner, FBN Insurance, and FBN make form the FBN insurance group.
As the new parent company, Sanlam Group promises to uphold its commitment to providing customers with cutting-edge product solutions.

FBN Insurance Products

In order to meet the needs of the insurers, FBN Insurance offers a variety of insurance products. Either corporate or retail items are available.

Corporate Products: These insurance options are tailored to each stage of a company’s development. There are special advantages created to fit the company as it grows. Several of the products are:

Credit life assurance plans: These kinds of insurance policies cover the borrower’s outstanding debt. It covers scenarios like the borrower passing away, falling gravely ill, becoming permanently disabled, or losing his work. It shields the borrower’s family from financial hardship in the event that the beneficiaries pass away or become permanently disabled.

Keyman Assurance Plan: This insurance protects a business against financial loss. The loss of a key employee may make the organization accountable. When this person passes away or develops a serious disease while the plan is in effect, the policy pays out a lump payment. In addition to buying out the KeyMan’s shares, it makes sure that there are money available for the company’s other stockholders.

Tuition Protection Plan: This policy guarantees that a child’s education will continue even if a parent or guardian passes away, suffers a permanent disability, or becomes seriously ill. This is so that the child’s training during the remaining time that he or she must spend in school is covered by the insurance plan.

Term assurance plans: These types of insurance policies guarantee an amount to the designated beneficiary(ies) in the event of the policyholder’s passing within a predetermined time frame. If no benefits have been claimed, the insurer has the authority to cancel the insurance within 30 days of its beginning and receive all premium payments.

Retail Products

They provide life insurance plans with special features created to meet your insurer’s changing needs at every stage of life. Several of the products are:

  1. Family Income Protection Plan: The standard of living for the dependents shouldn’t decrease as a result of the loss of the breadwinner. This kind of insurance provides payment assurance. In the event of the policyholder’s passing, it guarantees that the beneficiaries will get the predetermined amount.
  2. Easy Save Plan: This insurance plan is for you if you seek a quick and secure solution to save money. The policy provides life insurance as well as interest that is payable on the premium for those who desire to put money away for a variety of short-term financial goals.
  3. Personal Retirement Plan: After the working life ends, a pleasurable life should start. This kind of insurance coverage guarantees the insured a better retirement experience.

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How to process claims with FBN insurance

FBN Insurance makes sure that the procedure for filing claims for matured policies is a smooth one. It also guarantees a fast settlement for policyholders or beneficiaries. To guarantee that you receive your benefits on schedule, take the following actions:

  • Let your financial advisor know before the maturity date.
  • Three (3) months prior to the maturity date, provide the information about your account.
  • Make sure the account information provided matches the policy name.

FBN insurance operational branches

FBN Insurance Company operates branches all across the nation if you’re wanting to get an insurance coverage. Find the one that is nearby to you here.

Is FBN Insurance Legit?

In September 2022, FBN Insurance—a Limited Liability Company with a license to conduct Life Insurance business—will change its name to Sanlam Group.

They were formerly a part of the Sanlam Group, a well-known, diversified pan-African financial services company, which has since changed its name to Sanlam.

FAQ – Frequently Asked Questions

Is FBN the same as First Bank?

The new parent firm of all the Group entities, including FirstBank, is FBN Holdings PLC. It is a Nigerian-domiciled legal entity.

What does FBN Insurance pay?

The expected annual total pay from the FBN insurance holdings is NGN 3,600,000.

How do I check my FBN Insurance balance?

To check your FBN insurance balance, simply dial *894*0# and then follow the on-screen instructions.