Leadway Assurance has achieved a major milestone in insurance coverage penetration in Nigeria with the signing of a Memorandum of Understanding (MoU) with the Federal Civil Service Employees of Nigeria Cooperative Society Union (FedCoop) to offer over 300,000 civil servants with reasonably priced bespoke insurance coverage protection.
The MoU between the main insurer and one among Africa’s largest umbrella our bodies of the cooperative societies covers Ministries, Departments, and Companies (MDAs) in Nigeria, with over 150 registered cooperative societies and over 300,000 members drawn from the 36 states within the nation.
The great plan offers the members of the society with Group Life Assurance, Private Accident Plan, and Group Deposit Administration, which assure the policyholders or beneficiaries the required compensation within the case of accidents, everlasting incapacity, or dying, all at an reasonably priced premium.
Talking in the course of the signing ceremony, Olusola Ajayi, government head, Gross sales, Leadway Assurance, stated the insurance coverage plan is a serious landmark in entrenching the tradition of insurance coverage in Nigeria to deepen insurance coverage consumption within the nation.
“I’m notably proud about this partnership because it exhibits we’re heading in the right direction in the direction of engendering a optimistic angle in the direction of insurance coverage. As we’re conscious, most individuals in Nigeria, together with the educated, don’t respect the essence of insurance coverage regardless of its quite a few advantages, and that’s the reason it’s heart-warming to get the buy-in of Africa’s largest Civil Service into this all-too-important monetary administration software.
“Understanding the current financial realities coupled with the truth that we will by no means be adequately ready towards unexpected circumstances and the way tough it’s to pay for prices incurred throughout vital sickness or accidents, what we have now accomplished by means of this partnership is to mix bespoke insurance policies focused to suit the core wants of the civil servants. The added sweetener is that these insurance policies are offered at an exceptionally reasonably priced premium, guaranteeing nobody is left behind.
“By subscribing to the group life insurance coverage, households of the policyholders are catered for within the occasion of unintended dying and medical bills in case of everlasting whole incapacity or vital sickness. It’s a proven fact that these insurance policies will present the wanted cowl to each insured member of this noble affiliation to cater for n ot solely conditions like these but in addition different conditions which will come up”, Mr. Ajayi added.