Stanbic IBTC Insurance — review & details
The life insurance arm of Stanbic IBTC Holdings, on NAICOM's life register as Stanbic IBTC Insurance Limited (RIC 095). A newer life licence than the old-guard insurers, but backed by one of Nigeria's strongest financial groups, with a focused range spanning annuities, term cover, endowments and funeral plans.
Bank-backed
Stanbic IBTC Insurance
★★★★☆
Retiree annuity, term assurance, education endowment, mortgage protection, Sunset (funeral) plan, endowment plans; group life for employers
Products
NAICOM life licence — RIC 095
Licence
Member of Stanbic IBTC Holdings, with group ties across banking, pensions and asset management
Strength
Retirees buying an annuity and savers who want life cover from a bank-affiliated group
Best For
insurer
Type
Pros
- Verified on NAICOM's life insurers register (RIC 095)
- Backing of the Stanbic IBTC group, which has managed Nigerian funds for over two decades
- Clear product range including retiree annuities under the pension reform framework
Cons
- One of the newer life licences on the register, so its standalone claims track record is shorter than long-established rivals
- Product range is tighter than the biggest composite insurers
- Premiums and returns are quote-based — you must engage an adviser to see real numbers
Fees, eligibility & documents
Fees
PremiumsQuote-based; depend on age, cover amount, term and product
Eligibility
- Nigerian residents; age limits vary by product
- Retiree annuity requires pension-scheme retirement status
Documents needed
- Valid ID
- Completed proposal form
- Product-dependent extras (e.g. retirement documentation for annuities)
How Stanbic IBTC Insurance compares in life insurance
| Stanbic IBTC Insurance | Leadway Assurance | AIICO Insurance | |
|---|---|---|---|
| Products | Retiree annuity, term assurance, education endowment, mortgage protection, Sunset (funeral) plan, endowment plans; group life for employers | Term, whole life, group life | Term, whole life, endowment, group |
| Licence | NAICOM life licence — RIC 095 | — | — |
| Strength | Member of Stanbic IBTC Holdings, with group ties across banking, pensions and asset management | — | — |
| Best For | Retirees buying an annuity and savers who want life cover from a bank-affiliated group | Claims certainty | Life cover |
| Visit Stanbic IBTC Insurance → | Get a quote → | Get a quote → |
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