BusinessDay 24 May 2017

Wednesday 24 May 2017
22 BUSINESS DAY
C002D5556
InsuranceToday
E-mail: insurancetoday@businessdayonline.com
Wapic Smart Wealth
Plan targets to raise
financially smart citizens
L-R: Segun Balogun, managing director/CEO, LASACO Assurance Plc; Babatunde Rotinwa, chairman, Local Government
Service Commission and Musliu Folami, commissioner, Ministry of Local Government & Community Affairs at the presentation
of death benefit cheques from LASACO Assurance Plc to beneficiaries of deceased employees of Lagos State.
As part of its vision
to ensure that financially
smart
citizens are raised
in the society, Wapic Insurance
has introduced yet
another ground breaking
insurance product under
the umbrella of SMART Plan
known as the Wapic Smart
Wealth Plan.
Speaking at the launch of
the product, Oroma Ovunda-Nsirim
of the corporate
communications unit,
Wapic Insurance noted that
this is an insurance solution
that provides one, the opportunity
of investment and
embedded insurance protection
against the risks of
demise. The insurance premium
is deducted within
the period of investment but
insurance cover is for life
even when you have taken
the maturity proceeds.
Wapic Smart Wealth Plan
provides you, in addition,
the benefit of an insurance
cover for life even when premium
is deducted from your
contribution only within the
investment period.
She further noted that
more benefits of the products
as: Enjoy life cover beyond
duration of the policy,
Return on Investment: Flexible
but high (linked to FGN
Bonds), Critical Illness Benefit:
Up to 70 percent of sum
assured; balance payable
in the event of demise, Life
Cover: Payable in the event
of demise, Succour in the
event of demise, Premiums
are tax deductible
When asked about the
premiums, the company
noted that the premium to
be deducted depends on
the sum assured chosen and
the end date of the policy.
For a sum assured of N5
million on a policy ending at
age 50 years, the premium
could be as cheap as N8,000
per month (320/day), for a
person aged 35 years.
Jocelyn Ogbuokiri, president, Professional Insurance Ladies Association flanked on the left by Tonia Smart; on the right, Femi
Ogun with students at the PILA Career Talk for Secondary Schools Student held at the Nigerian Institute of Advanced Legal
Studies, University of Lagos.
Insurance makes meaning, as LASACO Assurance
pays death benefits to Lagos workers
Stories Modestus Anaesoronye
Insurance does not
make much meaning
until an incident occurs
and people are paid
benefits or compensation,
which enables the victim
or dependants of victims to
return to the position they
were before the incident or a
kind of succour at that critical
time when all hope seems to
have been lost.
This confirmation about
the importance and benefits
of insurance came to the fore
recently, when dependants of
bereaved staff of the Ministry
of Local Government and
Community Affairs and The
State Universal Basic Education
Board (SUBED) received
death benefit cheques from
LASACO Assurance Plc, on
the life insurance policy undertaken
by the Lagos State
Government on behalf of its
workers.
The Pension Reform Act
stipulates that every employer,
to which the Act applies,
must maintain Life Insurance
Policy in favour of the
employee for a minimum of
three times the annual total
emolument of the employee.
Under the policy, total annual
emolument is defined as the
basic salary, transport and
housing allowances and shall
not include bonuses, overtime,
directors’ fees or other
fluctuating emoluments.
Section 8(1) of the Pension
Reform Act 2014 stipulates
that “Where an employee
dies, his entitlement under
the insurance policy maintained
under subsection (5)
of section 4 of this Bill shall
be paid by an underwriter to
the named beneficiary in line
with section57 of the Insurance
Act 2003.
Segun Balogun, managing
director/CEO, LASACO Assurance
Plc speaking at the
cheque presentation held
at Lagos State Secretariat,
Alausa commended the State
Government for complying
with the Pension Reform Act
2004 which mandates employers
to provide life insurance
for their employees. He
said Lagos is among the few
State governments that have
complied fully with provisions
of this law, stating that
this shows commitment to
welfare the state employees.
While thanking Governor
Akinwunmi Ambode for
regularly paying the insurance
premiums despite the
economic situation, urged
beneficiaries and dependants
of the deceased workers
to make judicious use of the
money so that the dead can
be happy wherever they are.
Musliu Folami, commissioner,
Ministry of Local
Government & Community
Affairs who represented the
governor Ambode reaffirmed
the commitment of the state
government in ensuring that
its employees welfare are
raised to reasonable standard.
Folami assured LASACO
Assurance that the governor
will continue to pay the
premium, pointing out that
insurance by this arrangement
has made meaning to
the life of the people and will
be sustained.
The insurance scheme,
which started in 2009 paid
total of 174 beneficiaries in
2013 and 2016. And for this
year(2017) being the third in
the series, 85 beneficiaries got
cheques consisting of 50 local
government and 35 SUBEB
deceased staff.
According to the guidelines
for life insurance policy
for employees jointly issued
by the National Insurance
Commission (NAICOM)
and National Pension Commission
(PenCom), the employer
is required to fully
bear all costs in relation to
procurement of this policy,
and this shall be in addition
to the contributions to be
made by the employer to
each employee’s Retirement
Savings Account.
The policy provides cover
to the insured against death
and the insurance cover is
mandatory for all employees
as long as they are in employment.
This means that
the policy provides for the
payment of the sum assured
in the event of the death of a
member of the scheme from
any cause, natural and accidental.
PILA strengthens insurance
awareness efforts across
secondary schools
Committed to creating
awareness
and ensuring
that young generation
of Nigerians across
secondary schools appreciate,
understand and
take insurance as a career,
the Professional Insurance
Ladies Association (PILA)
has held its 2017 edition of
‘PILA Career Talk for Secondary
Schools’.
Jocelyn Ogbuokiri,
president, PILA who spoke
at the 2017 Career Talk
for secondary school students
organized by PILA
at the Nigerian Institute of
Advanced Legal Studies,
University of Lagos Said,:
“Deepening insurance
awareness, appreciation
and understanding among
the young generation is one
of the cardinal objectives of
the Professional Insurance
Ladies Association. The Career
Talk is one of the ways
we aim at achieving this
purpose.”
Ogbuokiri noted that
besides providing avenue
for better appreciation of
the workings of insurance
as a life tool, the Career
Talk also provides a very
good boost for the upcoming
generation to decide
for insurance as a Career
having had the opportunity
of interacting first hand
with very successful professionals.
“As an icing on the cake,
we have designed a Mentoring
Program this year,
that will get interested students
attached to Mentors
that will guide them successfully
through their career
path as they decide for
insurance.”
She said this year’s
theme “ Empowering the
Next Generation of Insurance
Practitioners” has
been carefully thought out
to reflect our passion to adequately
equip the young
generation with the requisite
knowledge and counseling
that will enable them
effectively take charge of
the insurance industry in
Nigeria in their time.