The Federal Ministry of Education says that the revival of the Student Welfare Insurance Schemes for the country’s 104 unity schools will prevent school drop-outs and increase enrolment by 20 per cent in 2020.
Education minister, Mallam Adamu Adamu, stated this at a press conference in Abuja.
Adamu said that to benefit from the scheme, students must pay N5,000 per session as part of their school fees, adding that the payment entitles the students under the Student Welfare Insurance Scheme (SWIS) policy to a N500,000 one-off payment to their parents or sponsors upon the students’ death; a sum of N500,000 per session for a maximum of N2.5million upon the death of students’ parents or guardian. In addition, students are also entitled to N50,000 medical support in the case of an accident, or in the event of the death of students’ parents or sponsors, N50,000 burial expenses.
He said that the insurance policy also covers comprehensive fire and general peril for buildings and content for all the unity colleges, and the provision of comprehensive vehicle insurance coverage for all 326 unity schools’ vehicles valued at N947.260million.
Three insurance underwriters and brokers will cover schools in two geo-political zones for the total premium of N198 million to provide a total coverage of N900 million per school for buildings, and N200 million per school for content.
Also, two insurance underwriters and brokers are to provide comprehensive vehicle insurance coverage for the schools for the total premium of N70 million.
Details of the participating insurance underwriters will be announced by the director of general services in the ministry.
The minister who lamented the pains of having students drop out of school due to the loss of their parents or sponsors, urged the insurance companies, Parent Teacher Association (PTA) and the schools principals to relay the details of the policy to all the involved parties.