Insurers Present Plans for Students’ Welfare
Three leading Nigerian insurance institutions, NICON Insurance Limited, Leadway Assurance Company Limited and WAPIC Insurance Plc, were at Covenant University on Thursday, October 8, 2015, to present their various products and to convince the University Management to sign them on for students’ education protection plans.
The institutions were represented by their teams of top level executives to propose the benefits inherent in the plans. The General Manager/COO NICON Insurance Limited, Mr Steve Ajudua, presented, “Students Welfare Insurance Scheme/Generic Insurance Solution” and noted that the scheme would provide the much needed personal accident and life cover for both students and their sponsors.
Mr Ajudua added that the package was put together to provide a wide range of benefits based on the particular needs of students in schools, and the current security challenges in Nigeria. He highlighted the benefits which include payment of school fees up to the year of graduation in the event of the death of the named sponsor, based on gross premium paid by students per session.
On his part, the Regional Manager, Leadway Assurance Company Limited, Prince Adebola Adegbuyi, explained that the “Leadway Group Education Protection Plan for Students” would guarantee continuity of studentship throughout the tenure of academic years in case any student lost their tuition fee-paying parents.
Adegbola argued that the policy would cause an increase in the population of students every year and cause rapid increase in the revenue generation as well as contribute positively to the developmental projects of the University.
The Head, Life Underwiting, WAPIC Insurance Plc, Mr Odunayo Osinubi presented what he called, “Students Welfare Insurance Scheme” (SWIS). He noted that his organisation does not have a “one-cap-fits-all” policy but operates a flexible and differentiated system for quoting and managing policy portfolios based on their assessment of the risks and insurance needs of their clients.
According to Mr Osinubi, the features of the scheme would ensure that the good image of the University is maintained as benefit would be paid to the student through the University in case of the occurrence of the insured event.
The Vice-Chancellor, Professor Charles Ayo, in his remarks to each group, promised to look into the presentations and consider the benefits, which would determine the option the University would adopt. He also appreciated them for considering the University in their plans.
Also at the meeting were the Registrar, Pastor Olamide Olusegun and the Director Financial Services, Pastor Bayo Oladehinbo.