Brokers Grant N15.3m Insurance Covers To Winners Of Quiz Competition

Insurance brokers under the auspices of the Nigerian Council of Registered Insurance Brokers(NCRIB) Lagos Area Committee(LAC) has procured and donated School Fees Protection Plan and Kiddies Insurance, tagged School Care Cover amounting to N15.3 million to winners of its recently held secondary schools quiz competition.

The insurance cover, which is underwritten by Universal Insurance Plc, would enable each of the six winners of the quiz competition enjoy a limit cover of N2.5 million for one year.

The winners are: Master Sanni Shazily and Miss Zainab Adelabu, both in SS3 at Aje Comprehensive Senior High School, Sabo-Yaba, who emerged first position from the competition.

Miss Zubeidat Idris in SS3 and Master Michael Ogunade in SS2 at Ijaye-Ijokoro Senior High School, Ijaye, bagged second position.

Miss Misturat Folorunso and Master Qudus Alamu, both in SS3 of Araromi Senior High School, Orile-Iganmu, came third.

Under the cover, the students would enjoy medical expenses worth, N150,000; permanent disability benefit, N500,000 and death benefit, N500,000, while on their guardian (parent) they would have permanent disability benefit of N700,000 and death benefit, N700,000.

Chairman, NCRIB- LAC, Ademola Olutusin, said the students and their schools  emerged best, having competed with nine schools across the state.

“Following the insurance cover, if anything happens to the students either in school, at home or anywhere, the policy would take care of their medical bill to a certain amount.

“The coverage for the parents implies that if anything happens to the parents during the insurance coverage, the policy would pay a lump sum to take care of the students’ education,” he said. 

According to him, the quiz competition is part of the Area Committee’s catch-them- young initiative on deepening insurance penetration.

The NCRIB-LAC chairman said, the competition was also an avenue to sensitise the students to how to become chartered insurers after completing their secondary school level, without going to the university.

Olutusin submitted that the brokers would not rest on their oars to promote insurance in the country, as plans were also on ground to spread the benefits to university students.

The donation is part of the NCRIB Lagos Area Committee partnership with Insurfeel Initiative, promoters of donation of free insurance policies to outstanding students and individuals, in the society.

The partnership would enables deserving students enjoy free insurance protection on personal accident while in school, on vacation and anywhere within Nigeria and also provides payment of school fees to the named beneficiaries of the insured parent/guardian in event of the following occuring: Permanent disability resulting from an accident and death – whether by accident or natural means 

Olutusin said, the Area Committee is committed to enhancing education and safety of students, adding that the partnership would impact lives of students, the insurance industry and by extension the nation.

The promoter Insurfeel Initiative, Chuks Udo Okonta, said the partnership is part of the advocacy strategy of the initiative, stressing that, the advocacy strategy entails partnering organisations; associations and groups to adopt donation of free insurance policies to the uninsured.

He noted that, Insurfeel Initiative presently donates two unique insurance policies – School Care Cover and Uni Personal Accident Cover to individuals who have never had much experience on insurance for them to feel how insurance works.

He implored organisations, associations and group especially within the insurance sector to embrace the initiative and use it to offer insurance products as souvenir to the public as against donating of products from other sectors, whilst complaining that insurance penetration is low.

According to him, Insurfeel Initiative has recently donated free insurance policies to members of the public and is committed to donate more even as it promotes the advocacy strategy to get individuals; organisations; associations groups to also make donations.

Insurfeel an initiative developed by the Publisher of Inspenonline,  Chuks Udo Okonta, was designed in line with – ‘The Suya Seller Strategy’ – which entails tasting before buying. It stemmed from a research conducted which showed that people who have had positive experience on how insurance works seem to believe and easily embraced the system. This research therefore, necessitates the need to extend insurance experience to more people so as to deepen insurance penetration, provide safety and enhance insurance industry’s profitability.