COVID-19: Insurance industry provides N11bn life cover to health workers
In a rare support for medical personnel who are in the forefront of the current battle against the rampaging coronavirus pandemic, the Nigerian Insurance Industry has provided to the Federal Government N11 billion life insurance cover to cater for the frontline health workers involved in the fight against COVID-19. To put effect to the life insurance police, the insurance industry said that it has paid in full the premium due on the policy.
According to the Acting Commissioner for Insurance, Thomas Sunday , the benefit which is the sum assured payable to the families or named beneficiary of any of the workers that dies in the line of duty is as follows: Medical Doctors N3 million; Pharmacists/Nurses N2 million and others N1 million.
According to him, the Life Insurance Policy which is the evidence of the contract have been presented to the Chairman, Presidential Task Force on COVID-19 through the Minister of Finance, Budget and National Planning, Hajia Zainab Shamsuna Ahmed.
He maintained that the premium which is in the sum of N112,500,000 for the cover has been fully paid by the Nigerian Insurance Industry in line with the principle of No Premium No Cover.
He equally stated that a total of 19 Life Insurance companies have been accredited to provide the Cover.
Sunday noted that the cover is for a period of 12 months effective April 14, 2020 and that in event of any fatality, the relevant agencies of government will immediately advise the lead Underwriter – FBNInsurance Limited on that