Sanlam Nigeria life insurance offers a range of products designed to protect your family’s financial future. But with so many options, finding the right one can feel overwhelming. You might be wondering if your family is truly protected if the unexpected happens. Will the plan you choose actually deliver on its promise when you need it most?
This article provides a clear and simple review of Sanlam Nigeria’s life insurance products. We will focus on the popular Sanlam Family Shield plan, explain what it covers, and review other key products. We will also look at the company’s reputation to help you decide if Sanlam is the right choice for you and your loved ones.
What is Sanlam Nigeria Life Insurance?
Sanlam Nigeria offers financial products that provide a “safety net” for you and your family. The core idea is simple: you pay a small, regular amount (called a premium), and in return, the company provides a large, one-time payment (called a lump sum) if a specific event occurs, such as death or permanent disability.
This payment helps your family cover expenses like:
- Daily living costs
- Funeral expenses
- Rent or mortgage payments
- School fees
- Outstanding debts
Think of it as a financial backup plan. It ensures that your loved ones can maintain their standard of living and pursue their dreams, even if you are no longer there to provide for them.
Is Sanlam Nigeria a Good and Reputable Insurance Company?
Yes, Sanlam Nigeria is a well-regarded and financially strong insurance company. It is one of the leading providers in Nigeria, with a strong history and a high financial rating.
Customers often ask if an insurance company is “good” or “legit.” For Sanlam, there are two key facts you should know:
Who Owns Sanlam Nigeria?
You may see the name SanlamAllianz. This is because Sanlam Nigeria is part of a major joint venture between two of the largest financial services groups in Africa: Sanlam Group and Allianz Group. This partnership, formed in 2023, created the largest pan-African non-banking financial services entity on the continent.
This backing means the company has significant financial resources and global expertise.
Financial Rating and Regulation
- Regulation: Sanlam Nigeria is licensed and regulated by the National Insurance Commission (NAICOM), Nigeria’s official insurance regulatory body. This ensures they follow strict rules designed to protect policyholders.
- Financial Strength: Reputable credit rating agency Agusto & Co. has consistently given Sanlam Life Insurance Nigeria Limited a high rating. In 2023, they affirmed a “Aa-” rating, citing the company’s strong financial performance, good liquidity, and low risk.
This high rating is a strong indicator that Sanlam has the financial ability to pay claims to its customers.
What is the Sanlam Family Shield Plan?
The Sanlam Family Shield plan is an annual renewable life insurance policy. It is designed to be a simple and affordable way to get essential protection for death, permanent disability, and funeral expenses.
Let’s break down exactly what it offers.
Key Features at a Glance
- Policy Type: Annual (you renew it every year).
- No Medicals Required: You can typically get this policy without undergoing a medical exam.
- Core Cover: Provides a lump sum payment for:
- Death (from any cause).
- Permanent Disability (resulting from an accident).
- Funeral Expenses (an additional lump sum).
- Affordability: It is designed with a low minimum premium, making it accessible. For example, a minimum annual premium might be around N10,000.
How Does the Family Shield Plan Work?
You pay a single premium for one year of cover. If the insured person passes away or suffers a permanent disability from an accident during that year, Sanlam pays the agreed-upon sum to the beneficiaries.
There is also a specific, smaller benefit paid out for funeral expenses to help families manage immediate costs. It’s important to note there is typically a short waiting period (e.g., 3 months) for death from natural causes, but accidental death is often covered from day one.
Who is this Plan Best For?
The Sanlam Family Shield plan is ideal for:
- Individuals and families looking for basic, affordable life insurance.
- People who want a simple, no-fuss plan without medical exams.
- Anyone who needs to secure immediate funds for funeral costs, in addition to a death benefit.
A Review of Other Popular Sanlam Nigeria Life Insurance Products
Sanlam offers more than just the Family Shield. Their other plans often combine protection with a savings or investment element.
Sanlam SavingsPlus Plan
This plan is a 2-in-1 product. It combines a savings plan with life insurance cover.
- How it works: Part of your premium goes into a savings pot that earns interest, and the other part pays for life insurance.
- Benefits: You get a lump sum at the end of the plan (maturity). You also get a free life insurance cover (e.g., N1 million) that pays your family if you pass away or become permanently disabled during the plan.
- Best for: People who want to save for a specific goal (like a house deposit or business) while also having life insurance.
Sanlam FlexiEdu Plan
This is an education savings plan designed to guarantee your child’s school fees are paid, no matter what.
- How it works: You save a regular amount. If you pass away or become disabled before the plan matures, Sanlam waives the future premiums and still pays out the full maturity benefit for your child’s education.
- Benefits: It ensures your child’s education fund is secure. The payout can be a lump sum or in annual installments to match school fee payments.
- Best for: Parents and guardians who want to secure their children’s educational future.
Sanlam FlexiSave Plan
This is a long-term savings and investment plan that also includes a life insurance benefit.
- How it works: It’s a disciplined way to save for 5 to 20 years. Your contributions are invested, and you also get a life cover benefit.
- Benefits: At maturity, you receive your full savings plus accrued interest. If you pass away during the term, your family receives a funeral expense benefit and the life cover payout.
- Best for: Long-term goals, like planning for retirement or building a significant nest egg.
How Do I Claim Benefits from Sanlam Nigeria?
A policy is only as good as its claims process. Sanlam has a clear process for making a claim.
To make a claim (for example, a death benefit), the beneficiary will typically need to:
- Notify Sanlam: Contact them as soon as possible by email (e.g.,
wecare@sanlam.com.ng) or by visiting one of their offices. - Submit Documents: You will need to provide official documents. These usually include:
- A formal letter or completed claim form.
- The Death Certificate (from the National Population Commission).
- A medical report or doctor’s statement.
- A police report (if death was due to an accident).
- Valid ID of the beneficiaries.
- Verification: Sanlam will review the documents to verify the claim.
- Payment: Once approved, the benefit is paid out to the beneficiaries listed on the policy.
Our Final Verdict: Is Sanlam Nigeria Right for You?
Sanlam Nigeria (now SanlamAllianz) is a major, financially secure, and well-regulated insurance provider in Nigeria. Its “Aa-” rating and backing from two continental giants provide strong peace of mind that your claims will be paid.
- For simple, affordable protection, the Sanlam Family Shield plan is a solid and accessible choice.
- For goal-oriented savers, the SavingsPlus and FlexiEdu plans offer an excellent combination of disciplined savings and protection.
How to Get Started with a Sanlam Plan
Your next step is to get a personalized quote.
- Visit the official SanlamAllianz Nigeria website to explore their products in more detail.
- Speak to a financial advisor or a Sanlam agent. They can help you analyze your needs and recommend the exact plan and cover amount that is right for your unique situation.
- Read the policy document carefully before you sign. Understand the benefits, exclusions, and waiting periods.
Protecting your family’s future is one of the most important decisions you can make. A life insurance plan is a powerful tool to help you do it.
Suggested Reads:
1. Capital Gains Tax in Nigeria: A Simple Guide to Your Profits (2025)
2. 5 Things Term Life Insurance Does for Nigerians That Savings Cannot
3. Discover the Secret Clause Many Nigerians Miss in Their Term Life Policies
4. Top 5 Best Life Insurance Companies in Nigeria for 2025
5. How Much Does Life Insurance Cost in Nigeria (2025)
6. Can Creditors Take Life Insurance Proceeds in Nigeria?
7. How to Withdraw Money from a Life Insurance Policy: Your A-Z Guide
