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NICON says appointment as sole underwriter of Students Welfare Insurance Scheme followed due process


LAGOS – The management of NICON Insurance Ltd, on Tuesday said its appointment as the sole underwriter of Students’ Welfare Insurance Scheme was done under due process.
A statement by the Senior Manager, Corporate Affairs of NICON, Mr Ade Adesokan, made the disclosure in Lagos.
The statement said that the scheme was presented to the Federal Ministry of Education and due process was followed before its appointment as the Underwriter.
It said that the new scheme would help to address the challenges of students’ welfare and continuity of their studies nationwide.
According to the statement, its objective is to bring succor to students that may lose their parents or sponsors either through accident or by natural means.
“The Students Welfare Insurance Scheme is a combination of Group Personal Accident and Group Life Assurance Schemes. It is packaged for Students of 104 Unity Schools throughout the country,” the statement said.
It said that in the case of accidental death of a student, the sponsor named in the policy would be entitled to N500, 000.
The statement said that in the event of the sponsor or guardian’s death, the pupil would be entitled to the payment of school fees up to the year of graduation.
It said such student would be entitled to a maximum of N500, 000 per annum.
“In case a pupil accidentally sustains permanent disability, he or she will be entitled to N500, 000 as compensation.

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“For accidental medical expenses, a pupil will be entitled to N50, 000 for medical treatment.
“If a student is involved in accidental death, the company will pay N50, 000 for burial expenses,’’ it said explained.

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It said that some conditions were also to be fulfilled before a student could enjoy the benefits.
The statement, however, noted that though the scheme was an intellectual property of NICON, other insurance companies actively participated in it before the company was finally appointed as the Underwriter.
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It said NICON’s appointment was based on the recommendations of the committee put in place by the Tenders Board of the Ministry of Education where other insurance companies were screened. (NAN)

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