INSURANCE & RISK MANAGEMENT

Yes, Heirs Insurance Group is regulated by the National Insurance Commission (NAICOM). Their operating licences were officially issued by NAICOM in 2020.
Heirs Insurance Group is part of Heirs Holdings, the group founded by Tony Elumelu. The insurance arm mainly operates through:
Heirs General Insurance
Heirs Life Assurance
Heirs Insurance Brokers.
How Heirs Insurance Works
Insurance itself works by:
many people paying premiums into a common pool,
and the insurer compensating those who suffer covered losses.
So you pay a relatively small amount regularly, and if a covered event happens, the insurer bears the larger financial burden.
The Main Divisions of Heirs Insurance
1. Heirs General Insurance
Heirs General Insurance
This handles non-life insurance products like:
motor insurance,
travel insurance,
home insurance,
business insurance,
fire insurance,
accident insurance.
Example: You insure your car. If accident or theft occurs within policy terms, the company may pay for repairs or compensation after claim verification.
Heirs General says it underwrites general insurance businesses and is backed by reinsurers for additional protection.
2. Heirs Life Assurance
Heirs Life Assurance
This focuses on:
life insurance,
education plans,
savings-linked insurance,
family protection,
employee group life plans.
Example: You may pay premiums monthly for a life plan. If the insured person dies during the policy period, beneficiaries receive compensation.
Some plans also combine:
insurance protection,
plus long-term savings/investment components
How the Process Usually Works
Step 1 — Choose a Plan
You select:
motor,
life,
travel,
education,
accident,
investment-linked plan, etc.
Step 2 — Pay Premium
You pay:
monthly,
quarterly,
or yearly premium.
Premium = the cost of insurance coverage.
Step 3 — Coverage Begins
Once active:
the insurer assumes specified risks according to the contract.
Step 4 — Claim Process
If an insured event happens:
accident,
death,
damage,
illness,
loss, you submit a claim with evidence.
If validated under policy terms, compensation is paid.
Heirs advertises claims settlement within 48 hours for validated claims.
Important Thing Most Nigerians Misunderstand About Insurance
Insurance is NOT primarily for profit.
It is mainly:
risk transfer,
financial protection,
emergency cushioning.
Many Nigerians expect insurance to behave like:
fixed deposits,
MMFs,
investments.
But pure insurance is mainly protection.
What About Their “Investment” Products?
Heirs also has products like:
education plans,
savings plans,
Triple Pay Investment.
These are usually hybrid products:
part insurance,
part savings/investment.
Meaning:
some money provides insurance coverage,
another portion may be invested.
These products are different from:
buying stocks directly,
treasury bills,
mutual funds.
Is NAICOM Regulation Important?
Very important.
NAICOM regulates Nigerian insurers by monitoring:
licensing,
solvency,
capital requirements,
claims practices,
compliance,
policyholder protection.
A regulated insurer is generally safer than an unlicensed scheme.
But regulation does NOT mean:
zero risk,
guaranteed profit,
or every claim will automatically be approved.
Claims still depend on:
policy terms,
exclusions,
truthful disclosure,
valid documentation.
Important Insurance Terms You Should Know
Term
Meaning
Premium
Amount you pay
Policy
Insurance contract
Claim
Request for compensation
Sum Assured
Maximum cover amount
Beneficiary
Person receiving payout
Exclusion
Situations not covered
Underwriting
Risk assessment process
Before Buying Any Insurance Plan
Always check:
what exactly is covered,
exclusions,
waiting periods,
surrender charges,
claim requirements,
whether returns are guaranteed or projected,
whether it is insurance or investment-linked insurance.
That last point is very important because many people confuse the two.
Simple Summary
Heirs Insurance works like a standard regulated insurance company in Nigeria:
you pay premiums,
they provide financial protection against specified risks,
and pay claims if covered events occur.
Yes, they are licensed and regulated by NAICOM.

Getting health insurance in Nigeria is fairly straightforward once you know the options. Here’s a clear guide to help you:
1. Choose the type of health insurance
In Nigeria, there are two main routes:
A. National Health Insurance Authority (NHIA)
Formerly NHIS (National Health Insurance Scheme)
Government-backed and usually cheaper
Covers basic healthcare services (consultation, drugs, maternity, etc.)
Common plans:
Formal sector plan (for salaried workers)
Informal sector plan (for self-employed, traders, students)
👉 Best if you want affordable, basic coverage
B. Private Health Insurance (HMOs)
Health Maintenance Organizations (HMOs)
Popular providers include:
Hygeia HMO
AXA Mansard Health
Avon HMO
Reliance HMO
Leadway Health
They offer:
Individual plans
Family plans
Corporate plans
👉 Best if you want better hospitals, faster service, wider coverage
2. Pick a plan that fits your needs
Compare plans based on:
Budget (monthly or yearly premium)
Hospitals available in your area
Coverage (e.g., surgery, maternity, dental, eye care)
Waiting periods for certain treatments
3. Register or apply
For NHIA:
Visit an NHIA office or accredited agent
Or register through a participating HMO
Provide:
ID (NIN, voter’s card, etc.)
Passport photo
Basic personal details
For Private HMOs:
Go to their website or office
Fill out an online form
Choose a plan and pay
You’ll get:
A hospital list
Your enrollee ID/card
4. Select a hospital
You’ll choose a primary healthcare provider (PHP)
This is where you go first for treatment
Referrals are given for specialists if needed
5. Start using your insurance
After registration (sometimes 1–4 weeks activation)
Visit your chosen hospital with your ID
Most costs are covered; you may pay small co-payments
Typical costs (rough idea)
NHIA informal plans: ₦10,000 – ₦30,000/year
Private HMOs:
Basic: ₦20,000 – ₦60,000/year
Standard: ₦70,000 – ₦150,000/year
Premium: ₦200,000+
Quick tips
Always confirm hospitals near you are covered
Read what is not included (e.g., major surgeries, chronic illness limits)
Ask about emergency care and drug coverage
Family plans are usually cheaper per person

Yes — a pregnant woman in Nigeria can enroll in insurance, but most insurance plans may NOT cover the current pregnancy immediately. This is because pregnancy is often treated as a pre-existing condition and many insurers apply a waiting period before maternity benefits start. �

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Let me explain clearly 👇

🇳🇬 Can a Pregnant Woman Enroll in Insurance in Nigeria?

Yes, she can enroll, but there are 3 possible outcomes:

Covers pregnancy immediately (Rare but possible)

Covers pregnancy after waiting period (Most common)

Does NOT cover current pregnancy (Some plans)

Many Nigerian health insurance schemes have a waiting period of about 1–3 months (or sometimes longer) before benefits become active. �

National Health Insurance Authority +1

Best Insurance Options for Pregnant Women in Nigeria

These are the most realistic options:

1. Government Health Insurance (Best First Option)

🇳🇬 National Health Insurance (NHIA / State Health Insurance)

This is usually the most affordable and easiest:

Covers antenatal care

Covers delivery

Covers emergency pregnancy complications

Covers cesarean section (in some programs)

Some programs even offer free C-section in selected hospitals �

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Examples:

Rivers State Health Insurance Scheme

Lagos State Health Scheme

Oyo State Health Insurance

NHIA (National Health Insurance Authority)

👉 This is your best option if pregnancy just started

2. Private HMO Insurance (Second Best Option)

Some Nigerian HMOs allow pregnant women to enroll:

Popular ones:

AXA Mansard HMO

Reliance HMO

Hygeia HMO

Avon HMO

Redcare HMO

But note:

Some may not cover the current pregnancy

Some may cover only complications

Some may start coverage after 1–3 months

Best Strategy If Pregnancy Just Started (Very Important)

If she just got pregnant (first trimester):

👉 Enroll immediately

👉 Choose government insurance or fast-activation HMO

👉 Ask specifically:

“Does this cover current pregnancy?”

“Is there waiting period?”

“Does it cover delivery?”

My Honest Recommendation (Most Practical)

Since you’re in Nigeria:

Step-by-step:

Enroll in State Health Insurance (Best & cheapest)

Add Private HMO (optional but better protection)

This gives double protection.

Typical Cost in Nigeria (Rough idea)

State Health Insurance: ₦10,000 – ₦25,000 per year

Private HMO: ₦30,000 – ₦150,000 per year

(Depends on plan)

Important Advice (From Experience in Nigeria)

Don’t delay.

Pregnancy costs in Nigeria can be high:

Antenatal: ₦50k – ₦200k

Normal delivery: ₦100k – ₦400k

C-section: ₦250k – ₦800k

Insurance helps reduce these costs significantly.