Leadway Assurance has achieved a significant milestone in insurance penetration in Nigeria with the signing of a Memorandum of Understanding (MoU) with the Federal Civil Service Staff of Nigeria Cooperative Society Union (FedCoop) to provide over 300,000 civil servants with affordable bespoke insurance coverage.
The MoU between the leading insurer and one of Africa’s largest umbrella bodies of the cooperative societies covers Ministries, Departments, and Agencies (MDAs) in Nigeria, with over 150 registered cooperative societies and over 300,000 members drawn from the 36 states in the country.
The comprehensive plan provides the members of the society with Group Life Assurance, Personal Accident Plan, and Group Deposit Administration, which guarantee the policyholders or beneficiaries the required compensation in the case of accidents, permanent disability, or death, all at an affordable premium.
Speaking during the signing ceremony, Olusola Ajayi, executive head, Sales, Leadway Assurance, said the insurance plan is a major landmark in entrenching the culture of insurance in Nigeria to deepen insurance intake in the country.
“I am particularly proud about this partnership as it shows we are on the right track towards engendering a positive attitude towards insurance. As we are aware, most people in Nigeria, including the educated, do not appreciate the essence of insurance despite its numerous benefits, and that is why it is heart-warming to get the buy-in of Africa’s largest Civil Service into this all-too-important financial management tool.
“Understanding the present economic realities coupled with the fact that we can never be adequately prepared against unforeseen circumstances and how difficult it is to pay for costs incurred during critical illness or accidents, what we have done through this partnership is to combine bespoke policies targeted to fit the core needs of the civil servants. The added sweetener is that these policies are provided at an exceptionally affordable premium, ensuring no one is left behind.
“By subscribing to the group life insurance, families of the policyholders are catered for in the event of accidental death and medical expenses in case of permanent total disability or critical illness. It is a fact that these policies will provide the needed cover to every insured member of this noble association to cater for n ot only situations like these but also other situations that may arise”, Mr. Ajayi added.
