Banks that offer Insurance — There are several banks that offer insurance coverage in many sectors. Insurance companies and banks offering insurance have created opportunities for broad coverage that allows easy accessibility to health services, savings, traveling, life, education and assets all getting insured.
Also, the insurance scheme laid down by the national health insurance scheme has improved the insurance offers and coverage offered by these banks in Nigeria.
Also Read: Best Health Insurance Companies
This article gives a detailed summary on each banks that offer insurance products in Nigeria and few details that are related to the specific insurance products they offer to the public.
Do Banks Offer Insurance?
Banks do offer insurance, in as much as their operation is in accordance with the Nigeria’s National Health Insurance Scheme. Just like the other established insurance companies in Nigeria, their insurance offers are categorized into several plans.
This is done in other to ensure that each plan aligns with financial strength ans interests.
What Type Of Insurance Do Banks Have?
There are several types of insurance that are available for those who are interested in getting insured. As stated earlier, this is categorized in order to align with the interests of several persons.
The type of insurance that banks offer are:
- Life Insurance
- Health Insurance
- Auto Insurance
- Health Insurance
- Personal Insurance
- Corporate Insurance among many others.
Hence, you need to ensure you put in for the right insurance offers and ascertain your interest clearly.
Banks That Offer Insurance
- Stanbic bank
- First Bank
- Guaranteed Trust Bank
- Zenith Bank
- Access Bank
- First City Monument Bank
- United Bank Of Africa
1. Stanbic Bank Insurance
Stanbic IBTC Insurance Limited is one of the banks that offer insurance. They seem to provide reliable solutions based risk management.
In addition, they transact business as risk management consultant and claims service experts.
Stanbic bank offer life insurance that can be used to replace your income, cover burial expenses, pay off debt or leave a legacy. Most importantly, it can provide security for your family’s financial future.
Other insurance policies stanbic bank offer are:
- Motor Insurance
- Credit life policy that covers the payment of the remaining credit facility if someone is unable to continue making payments
- Annuity policy is designed to accept and grow funds, and upon maturity, create a stream of income or payments
- Another insurance policy they offer is Term Assurance. This type of insurance is meant to cover for you and your household for a certain period of time and if the insured dies within the period that the insurance coverage is still in operation.
To apply for stanbic bank insurance, you need as low as 5,000 naira.
2. First Bank Insurance
First Bank Insurance is a Limited Liability Company licensed to transact Life Insurance businesses in Nigeria. First Bank Insurance came into operation on September 2010, and since then has been operating as a life insurance company that is dedicated to providing insurance coverage for individuals and corporate clients.
First Bank offers insurance products in three categories. They are Corporate products, Retails Products and Claims Alert products.
Corporate products is meant to cater for business. Also, under retail products, the following Insurance products and plans are available. They are:
- Contractor all risk plan
- Directors and officers liability
- Electronic/Electrical Equipment all risks
- Erection all risks plan
- Fidelity guaranteed plan
- Machinery breakdown plan
- Money Insurance plan
- Oil and gas insurance
- Plants all risk insurance plan
- Product liability plan
- Public liability plan
Another category of insurance offered by First Bank is the Claims Alert that provide a responsive service to all her Comprehensive Auto Insurance policyholders who have been involved in an accident within the Lagos Metropolis.
3. Guaranteed Trust Bank Insurance
Another reputable bank offering Insurance to consider is the Guaranteed Trust Bank. The notable insurance products they offer are BetaHealth and Vehicle Insurance.
BetaHealth offers instant access to health insurance that is affordable for every Nigerian, especially people with low incomes. To get the benefit of BetaHealth Insurance, you’ll need to do a subscription of just N500 a month.
BetaHealth operates as a health insurance and provides coverage for basic and essential health services such as general consultations, treatment for malaria, antenatal care, amongst others.
In addition, BetaHealth allows the insured to enjoy cheaper health insurance from two of the best Insurance companies in Nigeria—AXA Mansard or Leadway Assurance.
Vehicle Insurance on the other hand is a time loan that allows users to pay for their motor insurance premium upfront and spread the repayment over a 12 months period.
4. Zenith Bank Insurance
Zenith Bank Insurance offers a wide range of insurance services designed to make your life happier and more productive. The private limited liability company was established and incorporated in 2001.
Also Read: Best Health Insurance Companies In Nigeria In 2022
They offered services in the personal insurance, corporate Insurance categories which feature insurance products like auto insurance, marine insurance among many others.
5. Access Bank Insurance
Access Bank offers its insurance called Bancassurance in partnership with Coronation Insurance. Their insurance offers and products rangers from Life Insurance, Flexible Investment, Home Insurance, Travel Insurance, Motor Insurance and Group Life Insurance.
6. First City Monument Bank Insurance
Just like the Access Bank Insurance, First City Monument Bank Insurance offers similar insurance with the same label and similar partnerships. They partner with AXA Mansard Insurance and Cornerstone Insurance.
Through their partnership with other insurance companies in Nigeria, they have been able to offer one of the best insurance packages..
7. United Bank of Africa Insurance
They offer Insurance Premium Financing offer and make it easy for you to protect everything you hold dear. In addition, they will pay to insure your assets against loss and you can repay conveniently over a year.
They partner with NSCI Insurance and LeadWay Assurance companies to offer their insurance products and offers. These insurance products are open to individuals, SMEs and corporate bodies.
The operation of some of the banks offering insurance products to the public and corporate bodies has helped to alleviate several underlying problems.
Noteworthy, the know more or apply to the banks offering insurance as provided above, read more about their services and the terms that regulate it.