Universal Insurance, Insurfeel Initiative donate school fees protection covers to students

UNIVERSAL Insurance Plc has partnered with Insurfeel Initiative to donate insurance coverage worth N68.85 million to 27 students of the University of Lagos (UNILAG).

The donation, which was made in UNILAG campus, Akoka, Lagos recently, aimed to assist the students mitigate risks and deepen insurance penetration by availing Nigerians the opportunity to have the benefits of insurance.

As stated by the donors, each benefiting student and their caregiver is entitled to N2.5 million coverage, which breakdown shows that medical expenses for students are N150,000; permanent disability benefits for students, N500,000; death benefits for students, N500,000; permanent disability for parents, N700,000; death benefit for parent, N700,000.

Managing Director/CEO, Universal Insurance Plc, Ben Ujoatuonu, while speaking at the event said his company was elated to have keyed into Insurfeel Initiative to donate insurance covers to uninsured Nigerians in a bid to bringing them into the insurance scheme.

He explained that the donations are meant for executive members of different departments that make up the Faculty of Management Sciences in the institution, adding that the policies provide coverage for one year in which the beneficiary is a member of the exco.

He noted that the free cover expired after one year after which each policyholder exits his or her position.

The Dean of the Faculty of Management Sciences, University of Lagos, Prof. Sulaimon Abdul-Hameed, who was represented at the event by the Sub Dean, Dr. Samson Ogege, applauded the kind gesture of Universal Insurance Plc and Insurfeel Initiative, stating that the novel initiative was first of its kind in the University.

He added that it would not only educate the students who are the beneficiaries about insurance but also attract them to the insurance profession thereby brewing the future human capital for the insurance industry.

According to him, in the past, brilliant students had to drop out of school because their sponsors died or were disabled, whilst expressing delight that with this Insurance policy, the beneficiaries can finish their education with ease no matter what happens.

He called on other corporate bodies to partner with Insurfeel Initiative to donate insurance coverage as part of their Corporate Social Responsibility (CSR).

The Executive Secretary, of the Nigerian Council of Registered Insurance Brokers (NCRIB) Tope Adaramola, who the Head of Corporate Affairs NCRIB represented, Dele Ayeleso, said the idea of donating Insurance policies to the uninsured was borne out of the need to take the gospel of insurance to the nooks and crannies of the Nigerian society.

He added that the initiative, which is now gaining momentum, has been able to bridge the gap in the insurance industry, which was once misunderstood by the public.

He said, “And I think, this is one of the most laudable ideas and initiatives that the industry should embrace and give its full support if it must grow as expected”.

He stated that over the years, “We have heard about brilliant, but indigent students who could not complete their academics simply because of poor financial backings”, stressing that “the primary aim of the initiative is to guarantee the continuity of student’s academic pursuits, even in the event of being financial incapacitated. It is on that note that I like to congratulate the beneficiaries here today”.

“The onus is now on you to squarely face your academic pursuit and ensure that you graduate with flying colours. Before I finally yield the stage for the next speaker, may I urge you all to see Insurance as a very important aspect of our being.

“May I state unequivocally that Insurance contributes immensely to the economic growth of any nation by mobilizing domestic savings into providing financial stability. The catalytic effect of insurance on the economy cannot be understated as it provides financial support and decreases the risks that come with doing business and living. It provides a cover against any sudden loss. Insurance coverage provides a feeling of assurance and peace of mind to the policyholders as it gives payment certainty in the event of loss”.

Adaramola highlighted that an insurance broker is a professional who acts as an intermediary between a consumer and an insurance company, helping the former find a policy that best suits his/her needs.

“In a nutshell, insurance brokers play a dual responsibility, representing both the consumers and insurance companies, therefore insurance consumers need not pay a dime for the service a broker renders. This goes to say it is cost-effective to use a broker. When you engage a broker, you can rely on his/her expertise and their ability to offer an extensive range of policy options,” he explained.

He appreciated the Managing Director/CEO of Universal Insurance Plc, for partnering with the promoter of the initiative, Mr. Chuks Udo Okonta, who he said has continued to sustain the ideology of promoting insurance through various laudable initiatives.

Adaramola said, “Permit me to emphatically note that Okonta, has remained a true and thorough industry’s trailblazer. The Nigerian Insurance industry is indeed blessed to have him as part of them. I am most delighted to note that his contribution to the growth of insurance is formidable”.

Okonta had disclosed earlier that the initiative tagged Suya Strategy, whereby one tastes the insurance coverage before procuring it, is the best mode of deepening insurance penetration, education, and sensitisation while increasing the insurance industry’s bottom line in the process.

He commended the management of the University of Lagos, especially the Faculty of Management Sciences for providing the opportunity to donate the policies to the students, and thanked the management of Universal Insurance Plc, for believing in the Initiative.

Vice President of the Association of Management Sciences students, Bada Solomon, who spoke on behalf of the benefiting students, lauded the initiator of the initiative, and expressed joy for having such a coverage that would curb school dropout in the country, and urged Insurfeel Initiative to extend the gesture to other higher institutions in the country.

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