FRI, APRIL 24 2020-theG&BJournal-The Nigerian Insurance sector has announced a whopping N11 billion Life Insurance Cover to the frontline workers on COVID-19 fight barely three weeks after they made known their intension.
The detail of the Cover was released Friday by the Acting Commissioner for Insurance, O.S Thomas.
The Life Insurance Cover is for a maximum of 5000 health workers who are employed in the fight against COVID 19.
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- N3m
-Pharmacists/Nurses- N2m
-Others- N1m
The estimated liability of the insuring companies is Eleven Billion Naira (N11,000,000,000)
The premium 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.’’
A total of 19 Life Insurance companies have been accredited to provide the Cover.
The cover is for a period of 12months effective 14thApril, 2020.
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