NICON insurance on Friday in Abuja signed a memorandum of under with the Quintessential Group Plc to provide a welfare insurance cover for the members of the association. Speaking at the event, the Director General of Quintessential Group Mrs. Judith Tanko said the essence of the MoU is to provide a welfare risk insurance cover for its unstructured members in order to instill more interest in the minds of entrepreneurs in doing business.
Quintessential group plc which was established in 2011 by Mrs. Shimite Bello is a social business group pressured into community based business in agriculture and solid minerals. With presence in the 36 states and the FCT, QG is aimed at projecting the Nigerian woman at the global frontline in terms of agriculture and solid minerals.
Speaking with the NICON Executive Director, Technical Mr. Akinsola Ale, LEADERSHIP gathered that the company is set to provide a welfare insurance cover for the members of Quintessential group to a limit of five hundred thousand in the event of death or permanent disability arising from injury. Equally, provision is made for the payment of medical bills that occurs from injury.
“We have decided to start small because of the economic forces and as such, the death benefits are to a limit of five hundred thousand. If as a result of injury, the entrepreneur is permanently incapacitated and unable to work, the same amount is paid. Whichever way death occurs, it is covered except suicide. The beneficiary is meant to pay a premium of one thousand naira annually to enjoy the benefits”, he said.
Mr. Ale emphasized that, the programme is part of the company’s corporate social responsibility to encourage the members which propelled NICON insurance to subsidize the premium to one thousand naira.