Coronation Life Assurance — review & details
The life arm of the Coronation financial-services group (lineage back to 1958 via Wapic Insurance), on NAICOM's life register at RIC No. 046, with a product set spanning term protection, whole-of-life, savings plans and PRA-compliant retirement annuities.
Coronation Life Assurance
★★★★☆
Enhanced term protection, lifetime (whole-of-life) protection, flexible investment plan, flexible retirement plan, retirement annuity (Pension Reform Act 2014), savings and investment plans
Products
On NAICOM's life register (Coronation Life Assurance Limited, RIC No. 046)
Licence
Part of the broader Coronation group ecosystem (asset management, securities, insurance) with a six-decade insurance lineage through Wapic
Strength
Retirees buying an annuity with their RSA balance, and savers who want life cover bundled with investment
Best For
insurer
Type
Pros
- One of the clearer Nigerian annuity propositions, built around the Pension Reform Act 2014 RSA annuity requirement
- Broad product ladder from cheap renewable term cover up to whole-of-life and investment plans
- Sits inside a diversified financial group, useful if you already use Coronation's asset-management arm
Cons
- The life-assurance pages do not display a NAICOM licence statement prominently — licensing is confirmed via NAICOM's register rather than the product pages
- Brand has been through several identities (Intercontinental → Wapic → Coronation), which muddies its long claims history
- Investment-plan returns are declared by the insurer and not guaranteed
Fees, eligibility & documents
Fees
PremiumsIndividually quoted by age, term and sum assured; annuity rates depend on your RSA balance and prevailing rates — request a quote
Eligibility
- Nigerian resident within the plan's entry-age limits
- For the retirement annuity: RSA holder at retirement or age 50+, per the Pension Reform Act 2014
- Medical underwriting for larger protection sums
Documents needed
- Completed proposal form
- Valid government ID
- For annuities: RSA/PFA documentation; medical report where required
How Coronation Life Assurance compares in life insurance
| Coronation Life Assurance | Leadway Assurance | AIICO Insurance | |
|---|---|---|---|
| Products | Enhanced term protection, lifetime (whole-of-life) protection, flexible investment plan, flexible retirement plan, retirement annuity (Pension Reform Act 2014), savings and investment plans | Term, whole life, group life | Term, whole life, endowment, group |
| Licence | On NAICOM's life register (Coronation Life Assurance Limited, RIC No. 046) | — | — |
| Strength | Part of the broader Coronation group ecosystem (asset management, securities, insurance) with a six-decade insurance lineage through Wapic | — | — |
| Best For | Retirees buying an annuity with their RSA balance, and savers who want life cover bundled with investment | Claims certainty | Life cover |
| Visit Coronation Life → | Get a quote → | Get a quote → |
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