26 students of Lagos State University (LASU) are to benefit N66.30 million sum assured on the insurance coverage donated to them by FBS Reinsurance Corporation in conjunction with Insurfeel initiative.

The donation of the insurance policies which took place at the LASU Main Campus in Ojo, Lagos State Monday this week, also saw the immediate past Dean of the Faculty of Management Science and the new Dean awarded free Unipersonal coverage each.

The donation, according to the Promoter of Insurfeel Initiative, Chuks Udo Okonta, was a drive to assist the students mitigate risks and also deepen Insurance penetration by allowing Nigerians feel the benefits of insurance.

With the donation, each benefiting student and their caregiver are entitled to N2.55 million coverage, which breakdown shows, medical expenses for student, N150,000; permanent disability benefit for student, N500,000; death benefit for student, N500,000; permanent disability for parent, N700,000; death benefit for parent, N700,000.

Saying that his initiative, which adopts Suya Strategy, whereby you taste the insurance coverage before procuring it, is the best means of deepening insurance penetration, education and sensitisation while increasing insurance industry bottom-line in the process.

He said Insurfeel Initiative’s target is to donate one million insurance covers to the uninsured before the end of year 2025, whilst imploring individuals; corporate organisations, associations, government entities; group amongst others to partner Insurfeel Initiative to help mitigate risks before the uninsured.

Okonta reiterated the statement, that it is cheaper to donate insurance cover than contribute money when the unexpected happens.

He appreciated the management of the Lagos State University (LASU), particularly, the Outgone Dean as well as the Head of Department of Insurance, Dr. Abbas who were instrumental to the fruition of this donation, urging the students to take maximum advantage of it and lodge genuine claims when they arise.

This, he said, would test the shock-absorber of the policy to know whether the underwriter, which is Universal Insurance is able to honour its obligations.

He commended the Managing Director, FBS Reinsurance Fola Daniel, for sponsoring the donation of the policy, whilst imploring other organisations to incorporate insurance donation into their Corporate Social Responsibility (CSR) budget.

The outgone Dean of the Faculty of Management Sciences, Professor Raheem Olasupo Akewusola, said, life is all about risks and that students as well as their tutors were not exempted from being victims of these risks.

Saying the choice of LASU by the promoter of this initiative was understandable as LASU is the best State University in Nigeria, he added that, the donation is not only a gift to humanity, urging the students to be wary of the clauses that renders the policy useless, noting that , the gesture was a statement to the benefiting students that the future of insurance industry and the country,

The new Dean, Faculty of Management Sciences, Professor Akanji Rafiu Bankole appreciated the benevolent act of Insurfeel Initiative, applauding FBS Reinsurance for bankrolling the most of the policies, promising to open further doors to the promoter of this initiative in future.

Similarly, the President, Chartered Insurance Institute of Nigeria (CIIN), Edwin Igbiti, said since insurance is part of our lives knowingly or unknowingly, the insurance industry through this initiative, wants the students to start feeling insurance

“Insurance is the catalyst that makes the economy and the economy has to be derisked, such that, Insurance could have a place in national discourse. Awareness of insurance must be at the front-burner and this donation goes a long way to create awareness and re-orientate some people to discard the old age saying that ‘Insurance Don’t Pay.’ With what I have seen so far, the future is bright, although, you(students) need to secure it. Uncertainty can happen anytime, hence, this free policies is worth more than gold.”

Explaining the package, the Head of Retail, Universal Insurance Plc, Tony Okafor,, said the policy covers personal accidents, permanent disability and death, adding that, it equally has School Fees Protection Plan, whereby sponsors of the children were covered under the scheme, saying, whatever happens to the parents, either permanent disability or death, the insurer will take up the payment of school fees of their wards.

Okafor, who represented the Managing Director/CEO of Universal Insurance Plc, Ben Ujoatonu, called for further collaborations with the schools authorities and Insurfeel initiative to impact lives.