is fbn insurance legit?

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.

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 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.

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:

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:

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.

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.

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.

Tunde Mimiko is a seasoned Insurance professional with over 23 years’ experience in life and general insurance, spanning sales and marketing, business development, strategy, vision & mission planning, technical operations, product development & management.

Tunde is a transformational leader who has actively participated in the transition projects of the various companies where he served, including the transition of Union Assurance to Ensure Insurance Plc (now Allianz Nigeria), where he served as Managing Director/CEO between 2015-2017, WAPIC Insurance Plc (now Coronation Insurance Plc), and ARM Life Plc.

Tunde Mimiko an astute professional, is a Fellow of the Chartered Insurance Institute of Nigeria (FIIN), Chartered Insurance Professional (CIP), Insurance Institute of Canada. He is also an alumnus of the prestigious Lagos Business School and holds a MBA in Financial Management, from Lagos State University.

Related: FBN Insurance Announces Board Appointments

Prior to joining FBNInsurance, Tunde was an Executive Director (Operations) at FBN General Insurance.

According to the Chairman of FBN Insurance Ltd., Dr. Femi Oyetunji, ‘Tunde brings over two decades of versatile and trusted financial services experience to our business, with a track record of excellence and integrity.  We are confident of his ability to take FBN Insurance to greater heights.

Tunde succeeds Val Ojumah who has been MD since the inception of the business and grown the FBN Insurance brand to become one of the most successful and celebrated businesses in Nigeria.

Val steps down as MD and will remain with the business until April 2023 in an advisory role to support a smooth transition.

‘We thank Val Ojumah for his rare leadership, service, dedication and strong commitment to the success of FBN Insurance. Under Val’s leadership, FBN Insurance has experienced monumental growth and is today recognized as Nigeria’s leading insurance company’. The chairman said.

FBNInsurance is a Limited Liability Company licensed to transact Life Insurance business in Nigeria, providing cover for Individual and corporate clients with strong presence in almost every state in the country. FBNInsurance is also a member of the Sanlam Group, a leading diversified, pan-African financial services group. Leveraging the strength of the Sanlam Group brand, FBNInsurance is strategically positioned to transform the insurance industry in Nigeria. The company has won several awards including, Best Life Insurance Company in Nigeria by World Finance 2014, 2016, 2017, 2019 & 2020; Best Insurance Company in Africa by the African Insurance Awards, 2018; Fastest Growing Insurance Company by the National Association of Insurance and Pension Correspondents, 2018; Augusto & Co. A+ rating in 2016 & 2018 and Certified as a Great Place to Work, Medium-Sized Organization.

Headers

Mimiko takes over from Ojumah as FBN Insurance MD

• Group Personal Accident.
• Group Life Assurance.
• Kidnap & Ransome.
• Public Liability Insurance.
• Medical & Health Insurance.
• Professional Indemnity.