5,000 front line health workers battling the coronavirus pandemic in Nigeria have just received life insurance cover worth N3, each.
Furthermore, the insurance which is led by the National Insurance Commission (NAICOM), valued at ₦112,500,000.
Also, the insurance is paid to the families or named beneficiary of any of the health workers should they die in the line of duty.
Furthermore, under the insurance package, medical doctors insured for N3 million; pharmacists/nurses N2 million, and others health workers for N1 million.
The insuring companies will incur an estimated liability of ₦11 billion.
The NAICOM- led the industry operators also agreed to package the ₦112,500,000 for the novel insurance cover in line with the principle of No Premium No Cover.
A total of 19 life insurance companies accredited to provide the cover.
In event of any fatality, the relevant agencies of government will immediately advise the lead Underwriter – FBN Insurance Ltd who will in turn make a request for relevant documents needed for payment of the claim.
The cover is for a period of 12 months effective April 14, 2020.
Minister of Finance, Budget and National Planning, Zainab Ahmed, during her COVID- 19 stimulus package presentation in Abuja had said:
“Adequate insurance, adequate compensation, and support during and
in the aftermath of the COVID 19 pandemic” given to frontline health workers.”