Heirs Life

What Heirs Life does

Heirs Life (also known as Heirs Life Assurance) is a Nigerian life insurance company operating as a subsidiary of Heirs Holdings, a pan-African investment conglomerate associated with Tony Elumelu's Transnational Corporation. The company is headquartered in Lagos (Heirs Towers, Victoria Island), is regulated by the National Insurance Commission (NAICOM, RIC NO. 093), and operates as part of the broader Heirs Insurance Group alongside Heirs General and Heirs Insurance Brokers. It serves individual consumers, families, SMEs, corporates, and specific verticals (education, retirees, creative sector, travel) with life and related protection products.

Name

Heirs Life

Legal name

Heirs Insurance Group

Website

https://heirslifeassurance.com

Company type

Private

Operating status

Operating

Headcount range

251–500 employees

Short description

Heirs Life is a Nigerian life insurance subsidiary of Heirs Holdings offering term life, group life, education savings, and investment-linked plans through a digital-first platform spanning mobile app, USSD, web portal, and physical branches across Nigeria.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Life, Health, and Medical Insurance Carriers (52411), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Life Insurance (6311), Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411), Accident & Health Insurance (6321)

akta.pro primary industry

Whole Life Insurance (FSAIABAA)

akta.pro secondary industries

Level Term Life Insurance (FSAIAAAA), Participating (Dividend) Whole Life Insurance (FSAIABAI), Non-Participating Whole Life Insurance (FSAIABAJ)

Keywords

• Life insurance products
• Group life insurance
• Education savings plans
• Investment-linked insurance
• Digital insurance platform

Headquarters

HQ city

Lagos

HQ country

Nigeria

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: Collection of insurance premiums from life insurance products including term life, education plans (MyHeirs), investment plans (Triple Pay), and group life policies
2. Motor Insurance Premiums: Premiums collected from comprehensive motor and third-party motor insurance products
3. Personal Accident Insurance: Premiums from personal accident coverage products
4. Travel Insurance: Premiums from travel insurance coverage for travelers

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Heirs Life is a digital-first life insurance company operating in Nigeria that sells life insurance, education savings, and investment-linked insurance products to individuals, families, and corporate clients. It distributes these products through multiple channels including a mobile app, USSD, web portals, nationwide branches, and an agent/broker network. The company is regulated by the National Insurance Commission (NAICOM, RIC NO. 093) and operates as a subsidiary of Heirs Holdings.

Product overview

Heirs Insurance Group operates as a digital-first insurance platform offering a portfolio of insurance products and services through multiple sub-brands: Heirs Life (life insurance, investment plans, education savings), Heirs General (motor, home, travel, personal accident insurance), and Heirs Insurance Brokers (advisory/brokerage services). The platform uses technology to deliver products including Flexi Comprehensive Motor Insurance, Third-Party Motor Insurance, Term Life, Group Life, Personal Accident, HomeProtect, Travel Insurance, Triple Pay Investment Plan, and MyHeirs Education Plan. The product architecture includes both core insurance products and digital access channels — SimpleLife mobile app (iOS/Android), USSD *1100# for feature phones, Self-Service Portal for online policy management, and Agent/Broker Portal for distribution partners. The company achieved recognition as Africa's 7th fastest-growing company (Financial Times/Statista 2026, 147.85% CAGR), demonstrating rapid growth in the digital insurance space.

Differentiator

Problem solved

Functional benefit

Brands

• SimpleLife: Digital self-service portal and mobile application for Heirs Life customers

Products and services

• Flexi Comprehensive Motor Insurance A comprehensive motor insurance product offering broad coverage for vehicles at competitive pricing starting from N25,000 per year, including third-party liability protection.
• Third-Party Motor Insurance A basic motor liability insurance product covering third-party bodily injury and property damage at N15,000 per year.
• Term Life A life insurance product providing coverage for a specified term, paying a death benefit to beneficiaries if the insured dies during the policy period.
• Group Life Employer-provided life insurance coverage for employees, typically offered as part of corporate benefits packages for SMEs and corporates.
• Personal Accident Insurance coverage for accidental death, disability, and medical expenses resulting from personal accidents.
• HomeProtect Home insurance coverage protecting residential property owners against property damage, theft, and related liability.
• Travel Insurance Insurance coverage for risks associated with traveling, including trip cancellations, medical emergencies, and lost baggage.
• Triple Pay Investment Plan An investment-linked insurance plan offering growth, income, and bonus earnings with contributions starting from N5,000 per month, structured around three bulk payments to fund financial goals.
• MyHeirs Education Plan An education savings plan designed to help parents accumulate N5,000,000 or more for their children's education costs, with contributions starting from N5,000 per month.

Quantifiable outcome

• Claims paid within 48 hours or less
• +2 more outcomes

Named customers7 records

Segments7 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

Four partnerships are on record, tiered minor and core.

• UBA (United Bank for Africa)minorOthersUBA is listed among the trusted partners of Heirs Insurance Group. As a major Nigerian financial institution, UBA represents a corporate client relationship for insurance services.
• TranscorpminorOthersTranscorp is listed as a trusted partner. As a major Nigerian conglomerate, Transcorp represents a corporate client relationship for insurance services.
• StatistaminorOthersStatista partnered with Financial Times to compile and validate the Africa's Fastest-Growing Companies 2026 ranking, which recognized Heirs Life Assurance at rank 7th.
• National Insurance CommissioncoreOthersHeirs Insurance Group is authorized and regulated by the National Insurance Commission (NAICOM) with RIC NO. 093. This is the regulatory body overseeing insurance operations in Nigeria.

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• AXA Mansard Insurance: One of Nigeria's largest multi-line insurers (life and general) serving both retail and corporate customers. Directly comparable to Heirs Life as a Nigerian life insurer competing for the same mass-market and corporate segments, with a broader product set and more established broker distribution.
• Leadway Assurance: Leading Nigerian composite insurer offering life and general insurance products, including group life and savings plans. Comparable to Heirs Life in serving Nigerian retail and corporate clients, with deeper historical underwriting data and a longer broker network.
• AIICO Insurance: Major Nigerian life and general insurer with a publicly traded parent. Directly competes with Heirs Life in life insurance, investment-linked plans, and group/corporate covers, with a similar focus on the Nigerian retail and SME segments.
• Custodian Insurance: Nigerian composite insurer offering life and non-life products across retail and corporate channels. Comparable to Heirs Life in product breadth (life + general) and in competing for the same Nigerian enterprise and retail customers.
• Coronation Insurance: Nigerian life and general insurer serving retail, SME, and corporate customers. Comparable to Heirs Life as a multi-line Nigerian insurer with both individual life products and group/corporate offerings, and a similar reliance on broker and digital distribution.
• Cornerstone Insurance: Nigerian composite insurer offering life, motor, and general insurance. Comparable to Heirs Life in product breadth and target segments, particularly SMEs and corporates, with an established broker-led distribution model.
• Veritas Kapital Assurance: Nigerian composite insurer providing life and general insurance products. Comparable to Heirs Life as a multi-line Nigerian insurer targeting retail and corporate customers, though operating with a smaller scale and less digital distribution.

Others

• Heirs General Insurance: Sibling sub-brand of Heirs Life within Heirs Insurance Group, offering motor, home, travel, and personal accident products. Not a competitor but an ecosystem peer — together they form the Heirs Insurance Group's life + general platform, with shared distribution, branding, and parent-company capital base.

Broad incumbents

• Sanlam (Pan-African): Pan-African insurance and investment group with operations across multiple African markets including Nigeria. Comparable as a multi-line insurer offering life, investment, and group products across Africa, with significantly deeper scale and geographic reach than Heirs Life.
• Old Mutual Nigeria: Subsidiary of the Old Mutual pan-African insurance group operating in Nigeria with life and investment products. Comparable to Heirs Life in targeting Nigerian retail and corporate life customers, with stronger parent balance sheet and multi-country reach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/heirslifeassurance
• LinkedInlinkedin.com/company/heirs-life

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Heirs Life