Business

Sanlam life Insurance building confidence for Nigerians

20221116 192150 0000

Sanlam Life Insurance Nigeria Limited is a limited liability company licensed to transact life insurance business in Nigeria, and today is known for its innovative products that enable policyholders to save for a comfortable future and protect what matters to them.

Wholly owned by the Sanlam Group, a leading diversified pan-African financial services group established in 1918 as a life insurance company, the Nigerian-based firm is poised to meet the expectations of its teeming customers. Sanlam SA had in April 2020 acquired the remaining 65 percent equity held by FBN Holdings in the erstwhile FBNInsurance to become the single owner of the Nigerian registered insurer.

Drawing from the knowledge, experience and technical expertise of the Sanlam Group, Sanlam Life Insurance Nigeria Limited intends to play a significant role in the development of the insurance industry in Nigeria.

To achieve this, the firm is anchoring its operations on product innovation, efficient service delivery and prompt claims settlement.

Speaking on the company’s product line, Tunde Mimiko, managing director, Sanlam Life Nigeria, said “our products help our customers enjoy the peace of mind that comes from managing the risks of everyday life. With us, they can save for a comfortable future and protect what matters to them. One of our primary objectives is to help people, businesses and communities get back on their feet should the unexpected happens. It is therefore our responsibility to make sure we are there for our customers both today and in the future.”

Sanlam prides itself in about ten customer-centric products that are presently making significant impact in the market including FlexiEdu, FlexiCash, FlexiSave, Personal Retirement Plan, SabiSavers, SavingsPlus, Family Shield, Family Shield Plus, Smart Protection Plan and Guaranteed Lifetime Retirement Plan.

FlexiEdu helps every parent/guardian plan a bright future for their child/ward no matter the uncertainties of life. This plan is open to parents/sponsors of wards/children across all levels of education.

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FlexiCash allows the insured to save periodically and benefit from lump sums at specified intervals over a given period. It is an endowment plan that allows the policyholder live life to the fullest today and at the same time stay protected.

FlexiSave allows policyholders to save in the medium and long term, and benefit from a flat-rate benefit at the end of the selected term. This Policy provides policyholders with an avenue for medium to long-term savings and a lump sum benefit at the end of the selected duration.


Personal Retirement Plan gives the subscriber opportunity to create his/her own retirement capital that affords him/her to live a fulfilled life when the 9-5 ceases. It is a simple, hassle-free plan that helps you to create your own pension pot and live your retirement the way you want it.

The SabiSavers plan is like a DIY product. It is designed to allow policyholders tailor the product to their own unique earning mode and savings needs.

SavingsPlus determines the amount of your savings and benefits from regular returns throughout the term. It is designed to support disciplined savings and ensure steady returns throughout the policy duration (minimum of 3 years).

The Family Shield Plan is an annual renewable plan that provides cover for death and permanent disability (resulting from accident only). It also provides for an additional lump sum amount payable to cover for funeral expenses.

On the other hand, Family Shield Plus provides coverage to help manage expenses in the event of death or hospitalization. It is an annually renewable plan that provides superior cover to help policyholders manage additional expenses or a shortfall in his/her income if hospitalized.

Policyholders who take Smart Protection Plan are fully protected in the event of death and total permanent disability. It is a pure protection plan that also promises to pay back 70% of premiums that you have paid during the policy duration, should no death occur. This means that when the policy gets expired without no death claims, you will get 70% of your money back.

Guaranteed Lifetime Retirement Plan (GLRP) allows policyholders to maintain their standard of living in retirement by ensuring a regular and stable income. It is an immediate annuity plan that seeks to help you maintain your desired lifestyle in retirement by converting your pension lump sum into a regular stream of income.

“At Sanlam we know how important looking after your family is to you. That is why, as the experts in risk management, we insure your life and the money you earn, with care and respect. We also stay true to our promises: you can always trust that we do what we say we will do. Therefore, even if something should happen to you, you can be assured that we will do everything we can to ensure you; your family and your future are properly looked after, no matter what,” a statement from the company’s website said.

Sanlam Nigeria, whose future has been strongly positioned following its recent rebranding, is currently the second largest life insurance company in Nigeria in terms of gross written premium standing at N38.6 billion; profit N7.53 billion, with claims amounting to N15.9 billion was paid to clients at end of 2021.

Sanlam has evolved into the largest non-banking financial services group in Africa through its diversification strategy; creating value for stakeholders and helping its clients live with confidence. Sanlam Group is a multinational organization with a significant presence across 33 countries in Africa, as well as in the USA, Malaysia, Australia, the UK, and India.