SIC Life

What SIC Life does

SIC Life Insurance Limited is a privately held Ghanaian life insurance company headquartered in Accra, with 501-1000 employees. The company originated as the Life Division of the State Insurance Company of Ghana Limited (SIC) and was spun off into a standalone entity. SIC Life sells a comprehensive portfolio of life insurance products organized into individual and group categories. Individual products include Universal Life (with Education Plan Plus and Ultimate Family Security Plan sub-products), Term Life (Keyman Assurance, School Fees Protection Plan, Mortgage Protection Plan), Guaranteed Endowment Plan, Final Journey Plan Plus (whole life), the Sika Plan (Okumka) micro insurance product, and the UMB Funeral Plan distributed via bancassurance. Group products include Group Mortgage Plan, Group Security Plan, Group Final Journey Plan, the GES Group Life Insurance Policy, and the Loan Protector Plan (credit life).

The company's distribution model is multi-channel, combining a direct sales force of agents and brokers with bancassurance partnerships (notably United Merchant Bank), a call center, WhatsApp-based self-service, and an E-claims Portal for digital claims submission. Premium payments are accepted via MoMo Pay mobile money integration. Underlying technology is a conventional life insurance administration platform supporting policy management, claims processing, and customer service operations rather than a tech-forward stack. Customer acquisition is sales-led, with agents incentivized through rewards and travel.

SIC Life generates revenue primarily through recurring life insurance premiums on individual and group policies, with pricing set per quote based on coverage, risk profile, and payment mode. Key institutional customers include the Ghana Education Service (GES) for group life coverage and United Merchant Bank for bancassurance distribution. In November 2025, the company expanded its public-sector footprint via a MoU with the Ghana National Fire Service (GNFS) to establish a Welfare Fund insurance scheme. The company holds the distinction of being the first inductee into the CIMG Hall of Fame (2017) after five consecutive CIMG Life Insurance Company of the Year awards, reinforcing a strong brand recognition position in the Ghanaian market.

Name

SIC Life

Legal name

SIC Life Insurance Limited

Website

https://siclife.com.gh

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

SIC Life Insurance Limited is a privately held Ghanaian life insurer headquartered in Accra, offering individual and group life insurance products distributed through agents, brokers, bancassurance, and digital channels to consumers, employers, and institutional clients across Ghana.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113)

SIC

Life Insurance (6311)

akta.pro primary industry

Basic Group Term Life (Employer-Paid) (FSAIADAA)

akta.pro secondary industries

Non-Participating Whole Life Insurance (FSAIABAJ), Group Term Life Insurance (FSAIAAAJ)

Keywords

• Life insurance
• Group insurance
• Bancassurance products
• Micro insurance
• Endowment policies

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Life Insurance Premiums: Primary revenue stream from individual and group life insurance policies including universal life, term life, endowment, whole life, and micro insurance products. Premiums are collected through various payment modes including online payment systems.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

SIC Life Insurance Limited sells individual and group life insurance products in Ghana. Individual offerings include Universal Life, Term Life, Guaranteed Endowment Plan, Whole Life (Final Journey Plan Plus), micro insurance (Sika Plan/Okumka), and bancassurance products such as the UMB Funeral Plan. Group insurance includes Group Mortgage Plan, Group Security Plan, Group Final Journey Plan, GES Group Life Insurance Policy, and Loan Protector Plan. Supporting services include claims processing, multiple premium payment modes (with MoMo Pay integration), and an E-claims Portal.

Product overview

SIC Life Insurance Limited offers a comprehensive portfolio of life insurance products structured as individual and group insurance categories. Individual products include Universal Life (with Education Plan Plus and Ultimate Family Security Plan sub-products), Term Life (with Keyman Assurance, School Fees Protection Plan, and Mortgage Protection Plan sub-products), Guaranteed Endowment Plan, Final Journey Plan Plus (Whole Life), Sika Plan (Micro Insurance), and UMB Funeral Plan (Bancassurance). Group insurance offerings comprise Group Mortgage Plan, Group Security Plan, Group Final Journey Plan, GES Group Life Insurance Policy, and Loan Protector Plan. The company also provides supporting services including claims processing, multiple premium payment modes with MoMo Pay integration, and an E-claims Portal for digital claims submission.

Differentiator

Problem solved

Functional benefit

Products and services

• Universal Life Flexible individual life insurance product that combines death benefit protection with a savings/investment component, allowing policyholders to build cash value over time. Sub-variants include Education Plan Plus (funds children's education) and Ultimate Family Security Plan (comprehensive family protection).
• Term Life Pure-protection life insurance offering coverage for a specified term/period without cash value accumulation. Sub-variants include Keyman Assurance (protects businesses against loss of key employees), School Fees Protection Plan, and Mortgage Protection Plan (pays off mortgage on death).
• Guaranteed Endowment Plan Endowment insurance product providing guaranteed savings accumulation with life coverage, paying a lump sum at maturity or on death. Targets policyholders seeking disciplined savings with insurance protection.
• Final Journey Plan Plus Whole life insurance product focused on funeral expense coverage, providing financial peace of mind for end-of-life arrangements.
• Sika Plan (Okumka) Micro insurance product designed for low-income individuals, providing affordable life coverage with accessible premium payments. Addresses mass-market and entry-level customer segments.
• UMB Funeral Plan Bancassurance product offered through the United Merchant Bank (UMB) partnership, providing funeral expense coverage to bank customers. Distributed through UMB's banking branch network.
• Group Mortgage Plan Group insurance product for employers to provide mortgage protection benefits to employees.
• Group Security Plan Group life insurance product offering comprehensive coverage for employees under a single master policy.
• Group Final Journey Plan Group funeral insurance product covering employees' end-of-life expenses under employer-sponsored arrangements.
• GES Group Life Insurance Policy Specialized group life insurance policy covering Ghana Education Service (GES) employees across the education sector under a long-standing institutional partnership.
• Loan Protector Plan Credit life insurance product that covers outstanding loan balances in case of borrower's death or disability, protecting lenders and families from loan default.
• Claims and Other Payouts Claims processing and payout services enabling policyholders to receive insurance benefits under their policies.

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• Ghana National Fire Service (GNFS)coreStrategic or Co-development Partner · 20 November 2025MoU signed to provide insurance services for fire officers, establishing a Welfare Fund funded by premiums. Initiative aims to support active and retired fire officers and their families with focus on critical illnesses and welfare support.
• United Merchant Bank (UMB)coreChannel Partner/ Reseller/ DistributorBancassurance partnership where UMB distributes life insurance products including the UMB Funeral Plan and two new life insurance products launched jointly. Distribution through UMB's banking branch network.
• Otumfuo Osei Tutu II FoundationminorStrategic or Co-development PartnerPartnership with the Otumfuo Osei Tutu II Foundation supporting philanthropic initiatives and social welfare programs in Ghana.
• Ghana Education Service (GES)coreStrategic or Co-development PartnerLong-standing partnership providing GES Group Life Insurance Policy covering education sector employees across Ghana. One of the key group insurance products offered by SIC Life.

Scale indicators2 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Enterprise Life Assurance Company Ghana: One of Ghana's leading dedicated life insurers, part of the Enterprise Group. Comparable to SIC Life as a direct competitor offering individual and group life products in the same Ghanaian market with similar bancassurance and agent distribution.
• Star Life Assurance Limited: Ghanaian life insurance subsidiary of Star Assurance, offering individual and group life products. Directly comparable to SIC Life in product mix (term, endowment, group) and Ghanaian distribution footprint.
• Prudential Life Insurance Ghana: Local life insurance subsidiary of Prudential plc serving Ghanaian individuals and groups. Comparable product set (term, endowment, group life) and similar distribution via agents and bancassurance; represents a named-brand international competitor to SIC Life.
• Metropolitan Life Insurance Ghana: Ghanaian life insurer (MetLife franchise) offering individual and group life covers. Directly comparable to SIC Life across product categories, customer segments and Ghanaian bancassurance/agency distribution.
• Hollard Life Assurance Ghana: Ghanaian life insurer within the Hollard group, offering individual and group life products via agents, brokers and bancassurance. Directly comparable to SIC Life in product breadth and Ghanaian market focus.
• Vanguard Assurance Company Ghana: Ghanaian composite insurer offering life alongside general insurance. Comparable to SIC Life in offering life products to individuals and corporates in Ghana, though as a multi-line carrier rather than a pure-play life specialist.
• Liberty Life Ghana: Ghanaian life insurance operation within the Liberty Group (now part of STANLIB). Comparable to SIC Life in offering individual and group life covers to Ghanaian customers via agency and broker channels.

Broad incumbents

• Old Mutual Ghana (Life): Ghanaian operation of Old Mutual offering life insurance alongside broader financial services. Comparable to SIC Life in core life products but operates as a multi-line, established international incumbent with deeper capital and broader distribution.
• Sanlam Life Insurance Ghana: Ghanaian life and investment operation of the Sanlam Group. Comparable to SIC Life in core life products, but benefits from a larger pan-African group balance sheet, broader investment-linked offerings and stronger reinsurance access.

Regional players

• AXA Mansard Life (Nigeria): Nigerian life and general insurer within the AXA group. Comparable to SIC Life in individual/group life underwriting, micro-insurance and bancassurance distribution, but primarily serves Nigeria rather than Ghana, making it a regional rather than direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/SICLifeGhana
• Facebookfacebook.com/SICLifeGhana
• LinkedInlinkedin.com/company/siclife

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SIC Life