LASACO Assurance PLC has paid a sum of N538 million death benefits to 243 beneficiaries of the deceased employees of SUBEB and Local Government Areas (LGAs) in Lagos State between July 2013 and May, 2017.
The company said in July 2013, it paid a sum of N196 million death benefits to 95 beneficiaries of the deceased employees of SUBEB, while in July, 2016, 43 deceased beneficiaries of former SUBEB employees got N97.6 million as death benefits, even as 26 beneficiaries of the deceased local government employees were paid N44 million death benefits.
On 17th of May, 2017, LASACO Insurance paid the beneficiaries of 32 deceased employees of SUBEB, a sum of N76 million, with beneficiaries of the 47 deceased local government employees getting N95.1 million death benefits. Some of the beneficiaries of this group life policy got as high as N8.7 million, with the least paid getting N582,783 death benefits in the latest payment,” added LASACO Assurance PLC.
The company also disclosed that 320 per cent of the employee’s total annual emolument plus a sum of N100, 000 as burial expense was paid to each deceased beneficiaries.
The assurance firm said, “Payment used to be paid into the Retirement Savings Accounts (RSAs) of the deceased staff opened and maintained with the Pension Fund Administrator (PFA) of his choice while alive. Due to difficulty being experienced by beneficiaries in accessing fund on the RSA of the deceased staff, the Federal Government amended the clause in the Pension Reform Act 2014 and allows insurance benefits to be paid to the verified beneficiaries of the deceased.”