NICON Insurance Limited has signed a Memorandum of Understanding (MoU) with Quintessential Group Plc to provide a welfare insurance cover for the members of the association.
Speaking at the event, the Director-General of Quintessential Group, Mrs. Judith Tanko, said the essence of the MoU is to provide a welfare risk insurance cover for its unstructured members in order to instill more interest in the minds of entrepreneurs in doing business.
Quintessential group plc which Mrs Shimite Bello established in 2011, is a social business group pressured into community-based business in agriculture and solid minerals. With presence in the 36 states and the FCT, QG is aimed at protecting the Nigerian woman at the global front-line in terms of agriculture and solid minerals.
NICON’s Executive Director Technical, Akinsola Ale, said the company is set to provide a welfare insurance cover for the members of quintessential group to a limit of N500,000 in the event of death, or permanent disability arising from injury. Equally, provision is made for the payment of medical bills that occurs from injury.
His words: “We have decided to start small because of the economic forces and as such, the death benefits are to a limit of N500,000. If as a result of injury, the entrepreneur is permanently incapacitated and unable to work, the same amount is paid. Whichever way death occurs, it is covered except suicide. The beneficiary is meant to pay a premium of N1000 annually to enjoy the benefits.”
Ale stresed that, the programme is part of the company’s Corporate Social Responsibility to encourage the members which propelled NICON insurance to subsidise the premium to the stated amount.