Foundational Questions - Insurance 101 for Nigerians

This section is designed to provide the fundamental "why" behind insurance, addressing the most basic user questions and challenging common misconceptions. It must frame insurance not as a luxury or an unnecessary expense, but as a critical financial tool for everyone.

1. What is insurance, and why do I need it?

Answer: Insurance is a smart financial safety net. You pay a small, regular amount called a premium to a licensed insurance company like AIICO, and in return, the company agrees to protect you against major and unexpected financial losses. This protection helps you stay financially stable when unforeseen events occur, such as accidents, illness, or damage to your property. By pooling risks with many other policyholders, insurance ensures that support is available when you need it most, helping you avoid sudden financial hardship.

2. I'm a careful person; isn't buying insurance a waste of my money?

Answer: That is a very common question, and it’s actually one of the biggest myths about insurance. Being careful is great, but even the most careful people can’t control everything. Life still happens. Many people feel premiums are “wasted” if they never make a claim, but think of it this way: insurance is not about expecting something bad to happen, it is about being prepared just in case it does. One unexpected event can be extremely costly. An emergency surgery, for example, can cost far more than many years of health insurance premiums. A single car accident could result in medical bills running into millions of naira. Insurance is your financial safety net. You may never need to use it and that is a good thing, but if the unexpected happens, it protects your hard-earned savings from being wiped out in one moment. That peace of mind is what you are really paying for.

3. Is insurance too complicated and expensive for the average Nigerian?

Answer: Not at all. This is another common misconception. AIICO offers a wide range of products tailored for Nigerian customers, with options that are both affordable and accessible. We believe that insurance is for everyone who wants good financial protection. Many of our plans have flexible payment options, and some are even tax-exempt. Our mission is to make insurance easy to understand, and we have dedicated teams to help you find a plan that fits your budget and specific needs.

4. How do insurance companies make money?

Answer: Insurance companies make money through two primary methods: by investing the premiums they collect and through underwriting profits. Underwriting is the process of assessing risk and setting premiums. The goal is to collect enough premiums to cover all claims and administrative costs. The remaining money, which is held in reserves, is invested in a wide range of assets, and the returns from these investments contribute to the company's profit and financial stability. This robust process ensures AIICO has the funds available to pay claims promptly when you need them.

5. What is the National Insurance Commission (NAICOM), and why is it important?

Answer: The National Insurance Commission (NAICOM) is the primary regulatory body for Nigeria’s insurance industry. Its core responsibility is to supervise and regulate insurance companies to ensure they comply with insurance laws and, most importantly, protect policyholders' interests. NAICOM is a crucial part of the ecosystem that ensures you are doing business with a legitimate and financially stable company. A helpful tip is to use the “Verify an Operator” tool on the NAICOM website to confirm that your insurance provider is licensed and regulated.

6. Are all insurance policies the same?

Answer: No, this is a dangerous misconception that can lead to being underinsured. While some policies may seem similar on the surface, they differ significantly in their coverage, exclusions, and limits. For example, in auto insurance, a basic Third-Party plan offers minimal legal coverage, while a Comprehensive plan provides a much broader financial shield. A key is to look beyond just the price and understand exactly what is and isn't covered in your policy. At AIICO, we offer products tailored to Nigerian customers with great coverage.

7. What is a premium, and how is it determined?

Answer: A premium is the regular payment you make to keep your insurance coverage active. It’s essentially your subscription fee for financial protection. Your premium is calculated based on various factors that determine your risk profile. For example, with auto insurance, it depends on the type of car, your driving history, and the level of coverage you choose. For life insurance, it considers your age, health, and lifestyle. AIICO's underwriters carefully assess these factors to determine a fair and accurate premium for your policy.

8. Can I change my insurance policy after I've bought it?

Answer: Depending on the type of policy, you may have the option to make changes. For many life and general insurance plans, you can adjust coverage amounts, update personal information, or change beneficiaries by contacting us. It’s also important to regularly review your policy to ensure your coverage is still adequate as your circumstances change and your assets grow.

9. What is a "Deductible" and how does it work?

Answer: The deductible is the out-of-pocket amount you must pay toward a claim before the insurer covers the rest. For instance, if you have an accident with N50,000 in damages and your deductible is N20,000, you pay the N20,000, and AIICO pays the remaining N30,000. A higher deductible usually means a lower premium, but it's important to choose an amount you can comfortably afford if you need to make a claim.

10. What is a "Rider"?

Answer: A rider is an amendment or an add-on that modifies the terms or coverage of your original policy. Riders are a great way to customize your plan to fit your specific needs, often for an additional cost. For example, a life insurance policy might have an "Accidental Death Rider" that pays an additional sum if you die in an accident, or a health plan might have a rider for maternity coverage. Riders allow you to get the extra protection you need without buying a whole new policy.

1. How do I confirm my motor insurance is genuine?

Answer: You can quickly verify your car insurance certificate in Nigeria by dialing the USSD code *565*11# on your phone or by visiting the official askniid.org database website.

2. How soon do I get my insurance certificate?

Answer: Your certificate is generated immediately or within 24 hours after your premium payment is confirmed.

3. Is my policy valid nationwide?

Answer: Yes, motor insurance issued by AIICO is valid across all states in Nigeria and also extends to provide cross-border liability cover across ECOWAS member states.

1. What exactly is Third-Party Motor Insurance and is it compulsory in Nigeria?

Answer: Yes, it is strictly mandatory by law. In Nigeria, every vehicle on public roads must have at least a minimum level of Third-Party insurance. This regulation acts as a critical financial safety net for unexpected incidents on the road.

Consider a scenario where you accidentally injure someone or cause damage to another driver's vehicle or property. In these cases, AIICO steps in to handle the financial implications. We cover the costs associated with medical bills for the injured party, as well as expenses related to third-party property or car repairs. Having this level of coverage protects you from substantial out-of-pocket expenditures and ensures you can drive with confidence, knowing you are legally compliant and financially protected.

2. What risks does it not cover?

Answer: This policy is solely designed to protect others. It does not cover the costs of repairing your own vehicle, dealing with the theft of your car, or managing medical bills for injuries you sustain as the driver.

3. How much does third-party auto insurance cost?

Answer: It costs a flat standard rate of ₦15,000 annually for private saloon cars and SUVs.

4. Is the premium the same for all types of vehicles?

Answer: The premium is identical for private sedan/saloon vehicles and SUVs. However, other commercial or heavy categories—such as buses, motorcycles, tricycles, vans, and tractors—have different baseline premium rates as stipulated by NAICOM guidelines.

5. Can I upgrade later to a bigger plan?

Answer: Absolutely! You can scale up to an Enhanced Third-Party or a full Comprehensive insurance plan whenever you need broader coverage. We will prorate and adjust your premium accordingly.

6. How do I make a Third-Party claim?

Answer: If you find yourself in an accident, report the incident to us as soon as possible. You will need to complete a standard claim form detailing the date, time, location, and circumstances of the event.

Taking clear photos of the accident scene, including vehicle alignments and structural damages, is highly beneficial. If law enforcement is involved, an official police report should be obtained to facilitate processing. Additionally, make sure to collect the contact data, vehicle registration plates, and insurance details of the other parties involved. Once submitted, AIICO will evaluate the data to settle the liabilities fairly.

7. Will Third-Party cover me if I borrow a friend’s car?

Answer: No. The motor insurance policy is fundamentally tied to the specific insured vehicle asset, not to the personal driving license of the individual behind the wheel.

8. Why should I still consider Third-Party if it doesn’t protect my car?

Answer: Aside from being a strict legal requirement to avoid vehicle impoundment or penalties, it shields you from potentially devastating out-of-pocket liabilities if you damage an expensive vehicle or third-party structure.

9. If there’s an accident but I’m not at fault, will my insurance still cover the third party?

Answer: Third-party claims are evaluated based on legal liability. However, if there was a multi-vehicle collision involving your vehicle, we will review the details to ensure valid third-party liabilities are addressed under your policy terms.

10. Can I still buy this plan if my car is used for business purposes, and is the premium the same as personal-use cars?

Answer: Yes, you can purchase coverage, but please note that the premium rates for commercial-use vehicles differ from private-use rates. For commercial or business vehicles, we strongly recommend a full Comprehensive policy to safeguard your business assets completely.

1. What makes Enhanced Third-Party different?

Answer: Enhanced Third-Party Motor Insurance (ETPMI) bridges the gap between basic cover and a full comprehensive package. While traditional options only look after damage to other people, AIICO's Enhanced plan includes a protective tier that offers limited reimbursement for repairs to your own vehicle.

2. What type of "Limited Coverage" does ETPMI provide?

Answer: With an Enhanced policy, you retain all standard third-party liability protections while adding a predefined fixed payout limit dedicated exclusively to fixing your own car after an accident. This allows you to secure self-protection features without paying full comprehensive rates.

3. What exactly does Enhanced Third Party cover?

Answer: Depending on the tier you select (Diamond, Gold, or Silver), the plan provides coverage across these core pillars:

• Third-Party Protection:
  • Property Damage: Covers damage to third-party vehicles or property up to ₦3 million.
  • Bodily Injury & Death: Unlimited statutory coverage for injuries or death caused to others.
• Protection for Your Own Vehicle:
  • Own Damage Repairs: Up to ₦1,000,000 (Diamond), ₦750,000 (Gold), or ₦500,000 (Silver) for accident repairs.
  • Windshield Damage: Included directly under your own damage repair limits.
• Emergency Medical Expenses:
  • Provides an allocation limit of ₦100,000 (Diamond), ₦75,000 (Gold), or ₦50,000 (Silver) to cover emergency medical treatments for you, your driver, or your passengers.
• Legal Fees & Expenses:
  • Up to ₦100,000 (Diamond), ₦75,000 (Gold), or ₦50,000 (Silver) for legal representation fees arising from a road incident.
• Value-Added Extensions:
  • Towing Services: Free towing within or between cities based on your selected plan.
  • Fire, Theft, and Burglary Protection: Coverage against fire, lightning, self-ignition, or vehicle theft up to your plan's maximum cap.

4. Who is the Enhanced Third-Party Insurance Plan best suited for?

Answer: This framework is ideal for motorists who want full legal compliance alongside basic self-protection on a optimized budget. For instance, consider a driver who uses their car for everyday city commuting. They want protection against third-party liabilities but want to avoid the higher price tag of comprehensive insurance. If they experience a minor scratch or dent from a typical city traffic collision, their Enhanced policy allows them to claim repair payouts up to their plan limit, keeping out-of-pocket costs predictable without straining their monthly budget.

1. What does Comprehensive motor insurance cover?

Answer: It delivers full-scale security by covering structural damage repairs to your own vehicle, third-party liability claims, vehicle theft, fire damage, and accidental write-offs.

2. Does insurance cover riots or civil commotion?

Answer: Yes, special perils such as striking actions, riots, and civil commotions are typically covered as embedded or add-on features within an AIICO Comprehensive Auto policy.

3. How much does motor insurance cost in Nigeria?

Answer: While flat rates apply to third-party policies, a comprehensive premium rate is calculated as a percentage of your vehicle’s total insurable value typically starting at a baseline around 5% of the vehicle’s current market value.

4. Can I pay my motor insurance installments?

Answer: Yes, AIICO provides flexible payment schedules allowing premium distributions across quarterly, bi-annual, or annual billing cycles.

5. What is vehicle valuation?

Answer: It is the professional assessment of your car's current market value. This evaluation sets the total sum insured and directly calculates the premium due.

1. How do I make a motor insurance claim?

Answer: Notify our claims department immediately following an accident, complete the required claims application form, and submit the requested corroborating evidence.

2. How long does it take to process a claim?

Answer: Once all requested documentation and verification assessments are successfully completed, processing and settlement typically take between 4 to 14 working days.

3. What documents are needed for a claim?

Answer: You will need to provide a fully completed claims form, a formal repair cost estimate from a mechanic, clear photographs of the damaged components, and an official police report if the incident involves severe third-party property disputes, injuries, or fatalities.

4. Will my claim be paid in cash or repair?

Answer: Depending on the policy framework, settlement can be completed either via direct cash compensation based on approved repair estimates or through authorized restoration via our network of partner repair workshops.

1. What is Travel Insurance?

Answer: Travel Health Insurance is designed to provide comprehensive medical protection for travelers during their trips and while they are outside their country of residence. These can include medical emergencies, trip cancellations, flight delays, baggage loss and other problems that can arise. Your travel insurance policy compensates you according to the specifics details in your coverage when you file a claim.

2. What does AIICO Travel Insurance cover and what's not?

Answer: The full list of things we cover is too long to include here, but in general the coverage includes:

• Overseas emergency medical and dental expenses
• Emergency medical evacuation
• Personal Accident in means of public transport
• Trip delay, cancellation, or interruption due to an unforeseen event
• Delayed, damaged, or stolen gear or bags if they’ve been checked in with a carrier.
• Repatriation

While the policy provides a range of benefits and coverages, it is also subject to specific terms, conditions, exclusions, and limitations. Some of the applicable exclusions under this policy are as follows:

• Expenses related to pre-existing medical conditions unless your policy says otherwise
• Non-emergency medical expenses, such as eyeglasses or contact lenses, routine medical check-ups, or cosmetic procedures
• Items left unsupervised in a public place

3. Can I purchase travel insurance if I’m over 60 years old?

Answer: Yes, we provide extended cover for travelers up to 75 years old.

4. What should I do if I'm having a technical issue while trying to purchase on your website?

Answer: Please contact us by sending an email to This email address is being protected from spambots. You need JavaScript enabled to view it. to allow us to assist you.

5. Is AIICO Travel Insurance recognized globally?

Answer: Yes, our travel insurance is recognized and valid globally. Our Schengen Travel Insurance also meets the requirements of all Schengen member states including Finland.

6. What is a Pre-Existing Condition?

Answer: Pre-existing Medical Condition: Any Medical Condition that within the last 2 years required any:

• Surgery, inpatient or outpatient treatment, referrals, or investigations of any sort. This includes being on any waiting list, taking any prescription medication, tablets or required medical treatment (this will not apply to common colds, flu or contraceptive medication);
• Medical advice or treatment for any respiratory condition relating to the lungs or breathing;
• Medical advice or treatment for any heart, stroke or diabetic condition;
• Medical advice or treatment for anxiety or depression or any Psychological Condition.

It is any disease, condition, or complaint from which the Beneficiary suffered prior to the inception date of taking out this Policy, whether or not such disease, condition, or complaint had been formally diagnosed.

7. Validity of the Coverages

Answer: Travel assistance coverages are valid outside of Nigeria for the period of validity of the Policy; they only apply from the first (1st) day of travel Abroad to the ninety-second (92nd) consecutive travel day, even if the Policy was subscribed for a longer period.

Please note that the 6-month to 48-month travel insurance plans are designed exclusively for multiple short trips within the Policy period (i.e., annual multi-trip coverage). These plans do not provide cover for any single continuous trip exceeding ninety-two (92) days.

8. When do I need to notify a claim?

Answer: In the event of a medical emergency, you must contact the Assistance Company immediately and before incurring any expenses. If You are physically unable to do so, You or Your designated representative must notify the Assistance Company as soon as reasonably possible, and in any case no later than 8 days from the initial event. Please contact + 33 170 890 531 or WhatsApp: +212 708 089 188

You must provide Your name, insurance details, reference number, and all relevant information. You are also required to provide a telephone number, fax number or email address through which You can be contacted, or messages may be left, at any time.

9. How do I file a claim?

Answer: For any hospitalization, prior approval from the Assistance Company is required, regardless of the reason. Failure to obtain prior approval may result in denial of reimbursement. The Assistance Company is available 24/7 and can be reached by:

• Phone: +33 170 890 531
• WhatsApp: +212 708 089 188
• Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the event of an emergency, the Assistance Company must be notified within eight (8) days from the first day of hospitalization, by email to: This email address is being protected from spambots. You need JavaScript enabled to view it.

For all other cases (non-hospitalization), the Beneficiary has fifteen (15) days from the date of the incident to report the matter by email to: This email address is being protected from spambots. You need JavaScript enabled to view it.

All supporting documents related to the claim must be retained and submitted upon request. The Assistance Company or the Insurer reserves the right to request any additional documentation beyond what has already been provided.

Please note that being outside Nigeria does not justify any delay in submitting the claim.

The Beneficiary must provide the following information:

• The name and surname of the Beneficiary.
• The number and the validity of the Beneficiary’s insurance Policy.
• The number of the travel agreement: 81TS0018-02
• The date of entrance in the country of destination.
• The telephone number on which the Beneficiary can be reached.
• The name, address and telephone number of the admission hospital.
• Description of the event.

Under no circumstances shall the Assistance Company be held liable to reimburse any expense(s) incurred without its prior approval.

10. Can I visit any hospital if I fall ill or get involved in an accident during my trip, or do I have to contact the travel assistance to make inquiries about the hospital to visit?

Answer: Yes, you can go to the nearest hospital to consult or reach out to the Emergency Medical Assistance team for help with a list of hospitals closest to you.

11. Can I change the details of my insurance policy?

Answer: Yes, as long as you have not already departed on your trip or filed a claim, and the policy commencement date is yet to kick-off.

12. Contact for Clarifications/Questions

Answer: If You have any questions or require clarification, do not hesitate to contact by using any of the numbers provided below:

For Emergency Medical Assistance

• Call: +33 170 890 531
• WhatsApp: +212 708 089 188
• Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

To make a claim

• Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

To talk about Your Policy | For Customer Care

• Call: 0700 AIIContact (0700 2442 6682 28)
• Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

1. What is Life Insurance and why is it important?

Answer: Life insurance is a contract where you pay regular premiums to an insurer like AIICO, and in return, a benefit is paid to your beneficiaries upon death or at maturity. It provides financial protection for your family, ensures continuity of income, settles debts, and helps meet long-term goals such as education and retirement.

2. Who should consider buying Life Insurance?

Answer: Anyone with financial dependants should consider life insurance. This includes parents, breadwinners, business owners, and individuals planning for retirement or education funding. It is also useful for people who want disciplined savings with protection.

3. Is Life Insurance only useful when death occurs?

Answer: No. Many life insurance products, such as Endowment, Education, and Annuity plans, provide benefits during the policyholder’s lifetime, including savings, investment returns, guaranteed income, and education funding.

1. What is underwriting in Life Insurance?

Answer: Underwriting is the process of assessing the risk presented by a policy applicant. It helps determine eligibility, premium rates, and coverage terms based on factors such as age, occupation, health status, and lifestyle.

2. Why do insurers ask personal and health-related questions?

Answer: These questions help underwriters properly assess risk and ensure fair pricing. Accurate disclosure protects both the policyholder and the insurer and ensures claims will be paid without complications.

3. Do all Life Insurance products require medical examinations?

Answer: No. Some products, such as Deferred Annuity and certain Endowment plans, do not require medical examinations. Others, especially high-sum assured or risk-focused policies, may require medical underwriting.

4. What happens if I do not disclose important information?

Answer: Non-disclosure or misrepresentation can lead to policy cancellation or denial of claims. It is always best to provide full and honest information at the proposal stage.

1. What is an Annuity Plan?

Answer: An Annuity Plan provides guaranteed regular income during retirement. It protects against the risk of outliving your savings and may also include death benefits and spousal income options.

2. What is the difference between Deferred and Immediate Annuity?

Answer: A Deferred Annuity allows you to save now and receive income at retirement, while an Immediate Annuity provides income almost immediately after paying a lump sum premium.

3. What happens if the annuitant dies?

Answer: For Deferred Annuity, premiums paid are refunded with interest if death occurs before annuity commencement. After commencement, a lump sum of five times the annual annuity plus any guaranteed balance is paid.

4. Are annuity contributions tax-relieved?

Answer: Yes. Contributions to annuity plans enjoy tax relief, helping policyholders reduce their tax liability while planning for retirement.

1. What is Level Term Assurance?

Answer: Level Term Assurance provides a fixed lump sum payment if the insured dies within the policy term. It is designed to protect families, businesses, and loan obligations against financial loss.

2. Does this policy pay anything if I survive the term?

Answer: No. Level Term Assurance is a pure risk cover. No benefit is payable if the life assured survives the policy term.

3. Is suicide covered under this policy?

Answer: Suicide is covered only after the first two (2) years of the policy, in line with policy conditions.

1. What is the AIICO Flexible Endowment Plan (FEP)?

Answer: The FEP is a savings and protection plan that provides guaranteed payouts at intervals during the policy term and full payment at maturity, with life cover throughout the policy duration.

2. When are benefits paid under the FEP?

Answer: 25% of the face amount is paid at one-third and two-thirds of the policy term, while 100% of the face amount is paid at maturity or upon death.

3. Can I access loans under this policy?

Answer: Yes. After three years, up to 70% of the policy’s cash value is available as a loan, subject to policy terms.

1. What is the Education Endowment Plan?

Answer: This plan helps parents save toward their child’s education while providing comprehensive financial protection in case of the untimely death or permanent disability of the policyholder.

2. What happens if the policyholder dies?

Answer: All future premium obligations are entirely waived. The named beneficiary begins receiving regular monthly maintenance income, and 100% of the total sum assured is paid out upon the policy maturity date.

3. What if the child dies during the policy term?

Answer: The policyholder may officially name a replacement child under the plan. If no replacement child is available, the policy is treated as a standard surrender and the accumulated premiums paid are refunded.

1. What is the AIICO School Fees Plan?

Answer: It is an education policy designed to systematically fund a child’s primary, secondary, or university tuition while ensuring reliable financial support if the parent or guardian passes away or suffers a critical disability.

2. What happens if the policyholder dies or becomes disabled?

Answer: Ongoing premium contributions stop immediately, an active maintenance income equal to 12% of the annual benefit is distributed to the surviving parent, and school fees funding distributions proceed normally until full maturity.

3. Can premiums be reinstated if missed?

Answer: Yes. Lapsed policies can be reinstated subject to the settlement of all outstanding premium balances and any applicable interest adjustments, except within restricted periods close to maturity.

1. Can I change beneficiaries on my Life Insurance policy?

Answer: Yes. You can change your named beneficiaries at any point during the policy life cycle by submitting a formal written request, provided the underlying policy remains active.

2. How are Life Insurance claims processed?

Answer: Claims are processed immediately upon the submission of validating paperwork, including standard claim forms, official death certificates, and corroborating medical reports. AIICO is dedicated to prompt, transparent settlement payouts once all documentation requirements are satisfied.

1. Tell me more about AIICO

Answer: AIICO Insurance is a premier financial services group holding market-leading positions across Nigeria. Commencing operations in 1963, AIICO has sustained its position as an industry pioneer in Retail Life insurance, retirement services, and corporate Non-Life risk solutions. Built for long-term institutional stability, AIICO has spent over 60 years delivering value for shareholders, dependable products for customers, and a rewarding environment for its team.

2. Is there an online portal for managing my policy?

Answer: Yes. We offer a secure, self-service online web portal. You can create and configure your personal profile in under 5 minutes by accessing the portal web link and selecting the sign-up option.

3. I want to make changes to my policy?

Answer: Policy modifications can be requested by reaching our customer care desk at 0700 AIIContact (0700 2442 6682 28) or via email at This email address is being protected from spambots. You need JavaScript enabled to view it.. Alternatively, you can drop off a signed physical instruction letter at any regional branch location closest to you.

4. How can I make payment on my life insurance policy?

Answer: You can easily remit payments using any of the following four channels:

• Option 1 (E-Business Portal): Visit ebusiness.aiicoplc.com, click on Life Renewal/Loan Payment, and pay via Interswitch with your debit card. Alternatively, use Paystack to pay via ATM card, direct bank transfer to the generated Titan Trust bank virtual account, your banking portal, OPay, or the GTBank USSD channel (*737*).
• Option 2 (Quickteller): Complete direct web payments through our dedicated link at quickteller.com/aiicoinsurance.
• Option 3 (Mobile Banking Apps): Log into your GTBank or FirstBank mobile application. Navigate to Payments/Bills, search for Insurance, select AIICO, and input your policy number. An official receipt will be auto-generated and sent directly to your email address.
• Option 4 (WhatsApp Chatbot): Connect with our automated assistant by adding +234 703 046 5562 to your phone contacts as AIICO Ella. Text the bot and follow the menu prompts to Renew Policy and process your payment safely.

5. How do I set up Direct Debit (recurring payment) on my Policy?

Answer: To establish automated standing debit orders on your account or card, follow these steps:

1. Navigate to ebusiness.aiicoplc.com and choose Sign up from the upper menu.
2. Select the Client account category option and input your active policy number.
3. Open the registration link sent to your profile's registered email address, update your password secure entry, and log into your new profile.
4. Log into your customer space using portal.aiicoplc.com.
5. Locate your target policy row, slide or scroll right, and click the Action toggle item.
6. Choose Recurring Payment to tie instructions directly to a standard bank account number, OR select Card Tokenization if you prefer automated charges against an ATM debit card.
7. Fill out the authorization parameters completely and select save. Please ensure your payment source is funded ahead of the monthly mandate date.

6. How long does it take to process a claim?

Answer: All completed claim applications are processed efficiently. Verification and final payment distributions are executed within 5 working days following the formal receipt of all requested proof-of-loss documentation.

7. What are the products available?

Answer: AIICO Insurance Plc delivers a comprehensive suite of consumer products:

• Life & Savings Portfolio: Annuity Plans, Flexible Endowment Plans, Children's Education Plans, Corporate Savings, School Fee Funding Plans, New Income Investments, and pure risk products (Level Term, Moneywise Term Assurance, Life Celebration, and Criticare packages).
• Non-Life General Portfolio: Auto Insurance, Marine Cargo/Hull, Personal Accident protection, Homeowners Comprehensive, Travel Insurance, Manufacturing/Industrial risks, Oil and Gas assets, Agricultural risk frameworks, and commercial protections (Fire, Special Perils, Employers Liability, Goods-in-Transit).

8. Who can pick up your insurance plan?

Answer: Every income-earning individual or corporate body seeking systematic asset insulation and financial security can access our insurance plans.

9. Can I pick up more than one product at a time?

Answer: Yes. You are free to purchase and manage multiple complementary life and general insurance contracts simultaneously to fit your overall financial planning.

10. Who can be registered as my beneficiary?

Answer: You have absolute discretion to assign anyone as your beneficiary—most notably dependents, relatives, or entities who rely on your income and would require financial protection in your absence.

11. How do I pick up an AIICO insurance plan?

Answer: Our insurance plans can be purchased directly through our website portals, via email requests, through our network of licensed financial advisors, or by visiting any branch office location nationwide.

12. How can I contact you?

Answer: You can contact our team through the web interface contact form at www.aiicoplc.com, via email at This email address is being protected from spambots. You need JavaScript enabled to view it., or by dialing our central customer service hotline at 0700 AIIContact (0700 2442 6682 28).

13. Can my policy be swapped?

Answer: Policies cannot be directly swapped or exchanged. To replace a plan, the original policy must be officially Surrendered (subject to applicable surrender charges), after which any remaining fund balance can be transferred into a newly issued contract.

14. How do I apply for my funds at maturity?

Answer: You can apply for your maturity payouts by sending an email or contacting our service channels. Our team will provide the required maturity claim vouchers for you to complete and return to initiate processing.

15. How do I file for a death claim?

Answer: You can initiate a death claim notification by contacting us at This email address is being protected from spambots. You need JavaScript enabled to view it. and supplying the following required documentation:

• A signed written formal notification of death.
• An official death certificate issued by a recognized authority.
• A comprehensive medical certificate specifying the primary cause of death.
• An AIICO claims form filled out and stamped by the attending medical practitioner.
• An obituary poster or burial transition program.
• An official police report (mandatory if death resulted from an accident).
• Valid proof of age of the deceased policyholder.
• Clear, valid government-issued identification cards for all named beneficiaries.
• Official birth certificates if the named beneficiaries are minors.
• A marriage certificate alongside valid identification for the natural mother (where applicable).
• The original physical policy contract document.

16. What should I do if I need to change my beneficiary?

Answer: You must submit a signed written letter stating your clear intent to update your policy records, along with a completed AIICO Change of Beneficiary form.

17. Can I opt out of the plan at any time?

Answer: Yes. Our life policies include an initial 30-day "free look" grace period during which you can cancel the contract and receive a full refund of your premium. If you decide to exit after this 30-day window, standard contract surrender charges will apply according to your policy terms.

18. When do I start enjoying cover?

Answer: Your protection begins on the official effective date stated in your policy schedule. Please note that certain policies carry a standard 6-month waiting period before claims can be processed. If an unfortunate event occurs while an application is still in the pending proposal stage, the collected premium balance will be refunded.

19. Is there a limit to the number of people I can register as my beneficiary?

Answer: No. There is no numerical restriction on the number of individual beneficiaries you can assign to a single insurance policy.

20. What is the difference between the Investment and the Endowment Plans?

Answer: A standard Investment plan focuses strictly on wealth building and allocating capital to maximize market returns. An Endowment plan combines savings with life protection: the policyholder saves over a fixed horizon, and if they pass away, a financial safety net is paid out to their beneficiaries. If they outlive the term, the full accumulated maturity value is paid directly to the insured.

21. I can't remember my policy number

Answer: Please send an email inquiry to This email address is being protected from spambots. You need JavaScript enabled to view it. containing your full legal name, date of birth, and your registered beneficiary details so our service team can verify and locate your account profile.