By Yemisi Izuora-Lagos
Management of NICON Insurance has insisted that appointment of NICON Insurance Limited as the sole Underwriter of the Students Welfare Insurance Scheme, followed due process at the Federal Ministry of Education, Abuja.
Senior Manager, Corporate Affairs of NICON Insurance Limited, Mr. Ade Adesokan stated in Lagos that the new scheme, which is the intellectual property of NICON Insurance Limited, was presented to the Federal Ministry of Education and due process was followed before its appointment as the Underwriter.
Adesokan, NICON’s senior manager corporate affairs, also affirmed that the NICON Insurance Limited was democratized and privatized in 2006 and duly acquired by Barrister Jimoh Ibrahim, CFR as the Core Investor.
According to him, the appointment of the Company as sole Underwriter was based on the recommendations of the Committee put in place by the Tender Board of the Ministry where other insurance companies were screened.
His words, “Despite the fact the scheme is an intellectual property of NICON Insurance Limited, other insurance companies also participated actively before the Company was finally appointed as the Underwriter”.
“The Committee also noted that it was only NICON Insurance Limited that has Regional and Branch Offices in all the 36 States of the Federation where the Unity Schools were presently located”.
“The Committee also affirmed that only NICON Insurance’s branch network that could access the Unity Schools all over the Federation within an hour.”
“For the avoidance of doubt, the scheme was packaged under the normal Group Life and Personal Accident insurance cover”, Adesokan added.
According to him, “the statute that established NICON Insurance has not been repealed by any Act of Parliament; therefore the Company could insure the Assets and Liabilities of the Federal Government”.
“Other competitors in the insurance market should always think outside the box not relying on NICON Intellectual Property to reap where they did not sow”, he stated.
Concerned with Students’ welfare and continuity of their studies nation-wide, NICON Insurance Limited in collaboration with Federal Ministry of Education recently in Abuja packaged the Students Welfare Insurance Scheme, he added.
The scheme which is aimed at bringing succor to students that may lose their parents or sponsors either through accident or by natural means. It was packaged for Students of 104 Unity Schools throughout the country, he stressed.
“The Students Welfare Insurance Scheme for Unity Schools is a combination of Group Personal Accident and Group Life Assurance Schemes,” Adesokan added.
According to him, in the case of accidental death of a student, the sponsor named in the policy would be entitled to N500, 000.
In the event of the death of the sponsor or guardian of a student, the pupil would be entitled to the payment of school fees up to the year of graduation from the secondary school up to a maximum of N500, 000 per annum.
In case a pupil accidentally sustains permanent disability, he/she will be entitled to N500, 000 as compensation. For accidental medical expenses, a pupil would be entitled to N50, 000 for medical treatment.
If a student is involved in accidental death, the company would pay N50, 000 for burial expenses, he said.
The NICON spokesperson stated further that some conditions are also to be fulfilled before a student could enjoy the benefits.
These include duly completed claim form signed by the pupil or sponsor and countersigned by an authorised officer in the Principal’s office; and production of medical certificate of cause of death (for death benefits only).
Others are medical report confirming extent of disability (for permanent disability benefit only); certificate of burial (for burial expenses benefit only) and evidence of actual medical expenses incurred e.g. receipts of payment for drugs purchased and other medical treatments.