Federal Executive Council, yesterday approved N9.24 billion for Group Life Insurance Cover for civil servants for 2022 and 2023.
The group life insurance policy would provide cover for government officials in all Ministries Departments and Agencies (MDAs) paramilitary and intelligence agencies.
The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, disclosed this to State House Correspondents after this week’s Council meeting, chaired by Vice President Yemi Osinbajo, at the Aso Rock Villa, Abuja.
According to Ahmed, the Head of the Civil Service of the Federation, Dr. Folashade Yemi-Esan, presented the memo to the council and approved insurance package will cover all government officials.
“The Head of Service of the Federation presented a memo to Council on Group Life Insurance Cover for the period 2022 to 2023. This is an insurance cover that is covering all government officials in all government agencies, paramilitary and intelligence agencies.
“Council approved the total sum of N9.24bn naira for the insurance cover for 2022 to 2023.
“As you know, the insurance will take effect from the date of payment and in Nigeria, by our laws, the insurance cover is 30 per cent of the annual emolument of any staff of government that is deceased and this cover is paid by the insurance company to the beneficiaries of the deceased staff,” she submitted.
Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB) Tunde Oguntade, while responding to the approval, said the approval is an improvement on government commitment to insurance.
He also implored the government to show similar concerned towards non life, stressing that government should ensure that all its non life assets are insured.
Oguntade posited that the insurance industry would continue to support and encourage the government in ensuring that both life and non life assets are adequately covered by insurance.