5,000 front line health workers battling the coronavirus pandemic in Nigeria have just been provided with a life insurance cover worth N3, each.
Led by the National Insurance Commission (NAICOM), the insurance cover is valued at ₦112,500,000.
In the event that these front line health workers succumb to the deadly virus, the benefit will be the sum assured payable to the families or named beneficiary of any of the health worker that dies in the line of duty
Under the insurance package, medical doctors are insured for N3 million; pharmacists/nurses N2 million, and others 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 have been 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” will be offered frontline health workers.”