Stakeholders reward FG’s approval of N9.24bn group life cowl for employees

Federal Govt Council, yesterday authorised N9.24 billion for Group Life Insurance coverage Cowl for civil servants for 2022 and 2023.

The group life insurance coverage coverage would offer cowl for presidency officers in all Ministries Departments and Companies (MDAs) paramilitary and intelligence businesses.

The Minister of Finance, Price range and Nationwide Planning, Dr. Zainab Ahmed, disclosed this to State Home Correspondents after this week’s Council assembly, chaired by Vice President Yemi Osinbajo, on the Aso Rock Villa, Abuja.

In keeping with Ahmed, the Head of the Civil Service of the Federation, Dr. Folashade Yemi-Esan, introduced the memo to the council and authorised insurance coverage package deal will cowl all authorities officers.

“The Head of Service of the Federation introduced a memo to Council on Group Life Insurance coverage Cowl for the interval 2022 to 2023. That is an insurance coverage cowl that’s overlaying all authorities officers in all authorities businesses, paramilitary and intelligence businesses.

“Council authorised the whole sum of N9.24bn naira for the insurance coverage cowl for 2022 to 2023.

“As you already know, the insurance coverage will take impact from the date of cost and in Nigeria, by our legal guidelines, the insurance coverage cowl is 30 per cent of the annual emolument of any workers of presidency that’s deceased and this cowl is paid by the insurance coverage firm to the beneficiaries of the deceased workers,” she submitted.

Deputy President, Nigerian Council of Registered Insurance coverage Brokers (NCRIB) Tunde Oguntade, whereas responding to the approval, stated the approval is an enchancment on authorities dedication to insurance coverage.

He additionally implored the federal government to point out comparable involved in the direction of non life, stressing that authorities ought to be certain that all its non life belongings are insured.

Oguntade posited that the insurance coverage trade would proceed to help and encourage the federal government in guaranteeing that each life and non life belongings are adequately coated by insurance coverage.