Twenty-six Lagos State University (LASU) students will get N66.30 million in insurance coverage donated by FBS Reinsurance Corporation in partnership with the Insurfeel initiative.
Prof. Raheem Olasupo Akewusola, the immediate past Dean of the Faculty of Management Science, and his successor, Prof. Akanji Rafiu Bankole, received free coverage during the event held on Monday at the LASU Main Campus in Ojo, Lagos State.
Mr Chuks Udo Okonta, the Promoter of the Insurfeel Initiative, stated that the donation was intended to help students manage risks and increase insurance penetration. Each student and their carer are entitled to N2.55 million in coverage.
A breakdown shows that medical expenses for a student are N150,000, permanent disability benefit is N500,000, death benefit is N500,000, permanent disability for parents is N700,000, and death benefit for parents is 700,000.
He claims that his initiative, which employs the Suya Strategy, in which you taste the insurance before purchasing it, is the most effective way of increasing insurance penetration and education.
He stated that the Insurfeel project’s goal is to donate one million insurance policies by the end of next year, and urged individuals, corporate organisations, associations, government institutions, and groups, among others, to join the project.
Okonta highlighted that it is less expensive to purchase insurance than to contribute money when something unexpected occurs.
He thanked the LASU administration, notably the immediate past Dean and Head of Department of Insurance, Dr. Abbas, for their contributions to the success of this donation, and urged students to take advantage of it and file legitimate claims.
This, he argued, would put the insurance to the test to see if Universal Insurance, the underwriter, could meet its responsibilities. He praised the Managing Director of FBS Reinsurance, Mr. Fola Daniel, for sponsoring the policy and urged other firms to emulate this.
According to Akewusola, life is full of risks, and students and educators are no exception. The choice of LASU by the initiative’s promoter, he said, was understandable given that it is Nigeria’s best state university.
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.