FBS Re, Insurfeel Initiative gift 26 LASU students N66.30m insurance
Twenty-six students of Lagos State University (LASU) are to benefit from N66.30 million insurance coverage donated to them by FBS Reinsurance Corporation, in conjunction with the Insurfeel Initiative.
At the ceremony, which took place at the LASU Main Campus in Ojo, Lagos State Monday, the immediate past Dean, Faculty of Management Science, Prof. Raheem Olasupo Akewusola and his successor, Prof. Akanji Rafiu Bankole, received free coverage.
The donation, according to the Promoter of Insurfeel Initiative, Mr Chuks Udo Okonta, was aimed at assisting the students mitigate risks and deepen insurance penetration.
Each student and their caregiver are entitled to N2.55 million coverage. A breakdown shows medical expenses for a student, N150,000; permanent disability benefit, N500,000; death benefit, N500,000; permanent disability for parents, N700,000; and death benefit for parents, N700,000.
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Saying that his initiative, which adopts the Suya Strategy, whereby you taste the insurance before procuring it, is the best means of deepening insurance penetration, and education.
He said the Insurfeel Initiative’s target is to donate one million insurance before the end of next year, imploring individuals, corporate organisations, associations, government entities; and groups, among others, to partner the initiative.
Okonta reiterated that it is cheaper to embrace insurance than contribute money when the unexpected happens.
He appreciated the management of the LASU, particularly, the immediate past Dean as well as the Head of Department of Insurance, Dr. Abbas, who were instrumental to the fruition of this donation, urging the students to take advantage of it and lodge genuine claims.
This, he said, would test the policy to know whether the underwriter, Universal Insurance, is able to honour its obligations.
He commended the Managing Director, FBS Reinsurance Mr. Fola Daniel, for sponsoring the policy, imploring other organisations to follow its footstep.
Akewusola said life is about risks and that students as well as their tutors were not exempted.
The choice of LASU by the promoter of the initiative, he said, was understandable as LASU is the best state university in Nigeria. He added that the donation is not only a gift to humanity, adding that the students should be wary of the clauses that renders the policy useless, noting that the gesture was a statement to the benefiting students that the future of insurance industry and the country.
Bankole, appreciated the benevolence of Insurfeel Initiative, applauding FBS Reinsurance for bankrolling most of the policies, promising to open further doors to the promoter of this initiative in future.
Similarly, the President, Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti, said since insurance is part of our lives knowingly or unknowingly, the insurance industry through this initiative, wants the students to start feeling insurance
“Insurance is the catalyst that makes the economy and the economy has to be derisked, such that Insurance could have a place in national discourse. Awareness of insurance must be at the front-burner and this donation goes a long way to create awareness and re-orientate some people to discard old saying, that ‘Insurance Don’t Pay.’ With what I have seen so far, the future is bright, although you(students) need to secure it. Uncertainty can happen anytime, hence, this free policy is worth more than gold.”
Explaining the package, the Head of Retail, Universal Insurance Plc, Mr. Tony Okafor, said the policy covers personal accidents, permanent disability and death, adding that, it equally has School Fees Protection Plan, whereby sponsors of the children were covered under the scheme, saying, whatever happens to the parents, either permanent disability or death, the insurer will take up the payment of school fees of their wards.
Okafor, who represented the Managing Director/CEO of Universal Insurance Plc, Mr. Ben Ujuaatonu, called for further collaborations with the schools authorities and Insurfeel initiative to impact lives.
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