A consortium of insurance companies has paid N538.96million claims to 250 relatives of 102 deceased workers who died in active service in the Lagos State Public service.
The claims were paid under the Group Life Insurance Policy. The policy emanates from the Pension Reform Act states: “Employers shall maintain life insurance policy in favour of the employee for a minimum of three times the annual total emolument of the employee.” The essence of the cover is to give financial relief to beneficiaries and to cushion the effect of the loss of their breadwinners.
During the presentation in Lagos, the state Head of Service, Mr Hakeem Muri-Okunola, who was represented by the Permanent Secretary, Public Service Office, Mrs Olasunkanmi Oyegbola, said the state prioritises workers.
He said: “The purpose for the payment of this insurance death benefits to the beneficiaries is basically to serve as a succour for their immediate families in order to avoid dropping out of schools of the younger children or being thrown out of the place of abode by the landlords due to non-availability of sufficient funds for survival and to ensure a much better future for left behind beneficiaries.”
Commissioner for Finance, Dr Rabiu Olowo, said: “The Lagos State Government is in the forefront in the provision of adequate welfare for staff and citizens at large, in fact, no other state is totally committed to the welfare of staff, either dead or alive, as Lagos State is. I commend Governor Babajide Sanwo-Olu for his total commitment to the welfare of its state workforce.”
The Managing Director of LASACO Assurance Plc, Mr Rasak Abiodun, who was represented by the General Manager, Mr Dimeji Olona, advised the families of the deceased to use the cash judiciously.