Insurance

COVID-19:Insurers forgo renewal of free life cover for frontline health workers

Leave a comment and share

Chuks Udo Okonta

As the free life insurance cover offered by the insurance industry to frontline health workers fighting the COVID-19 pandemic elapse next month, there is an indication that the policy wouldn’t be renewed.

A reliable source in the Nigerian Insurers Association (NIA) told Inspenonline that the policy wouldn’t not be renewed, adding that the industry wouldn’t longer provide a free cover.

The insurance sector collectively and individually, amongst other numerous palliatives had last year, supported the Federal Government by providing N11 billion life insurance cover to the frontline health workers employed in the fight against COVID-19

The cover was to enable families or named beneficiary of any medical doctor that dies in the line of duty to claim N3 million; Pharmacists/Nurses N2 million and others N1 million.

The premium which is in the sum of N112,500,000 for the cover was fully paid by the Nigerian Insurance Industry in line with the principle of No Premium No Cover, the Commissioner for Insurance, Sunday Thomas, said, stressing that a total of 19 Life Insurance companies were accredited to provide the Cover.

According to him the cover was for a period of 12 months effective April 14, 2020 and in event of any fatality, the relevant agencies of government will immediately advise the lead Underwriter – FBNInsurance Limited who will make request for relevant documents needed for payment of the claim.

Leave a Comment

Your email address will not be published. Required fields are marked *

*