The offering to the Federal Government is the industry’s assistance in the fight against COVID 19.
The benefit is payable to the families or named beneficiary of any of the workers that dies in the line of duty including medical doctors (N3 million), pharmacists/nurses (N2 million) and others (N1 million).
The estimated liability of the insuring companies is N11 billion, and premium in the sum of N112.5 billion for the cover has been fully paid by the industry in line with the principle of ‘No Premium No Cover’.
A total of 19 life insurance companies have been accredited to provide the cover with FBNInsurance Ltd as lead underwriter, to whom all claims will be referred to. The cover is for a period of 12 months effective 14th April, 2020, Sunday Thomas, acting commissioner for insurance, said Friday.
