Leadway Assurance has recorded a significant milestone in insurance penetration in Nigerian following the signing of a Memorandum of Understanding (MoU) with the Federal Civil Service Staff of Nigeria Cooperative Society Union (FedCoop) to provide over 300,000 civil servants with affordable insurance coverage.
The MoU between the leading insurer and one of Africa’s largest umbrella bodies of the cooperative societies, covers Ministries, Departments, and Agencies (MDAs) in Nigeria, with over 150 registered cooperative societies and over 300,000 members drawn from the 36 states in the country.
The comprehensive plan provides the members of the society with Group Life Assurance, Personal Accident Plan, and Group Deposit Administration, which guarantee the policyholders or beneficiaries the required compensation in the case of accidents, permanent disability, or death, all at an affordable premium.
Speaking during the signing ceremony, Executive Head, Sales, Leadway Assurance, Mr. Olusola Ajayi, said the insurance plan is a major landmark in entrenching the culture of insurance in Nigeria to deepen insurance intake in the country.
“I am particularly proud about this partnership as it shows we are on the right track towards engendering a positive attitude towards insurance.”
Also speaking on the partnership, President, Federal Civil Service Staff of Nigeria Cooperative Society Union (FedCoop), Mr. Onjefu Obe, stated that “The partnership echoes the vision and mission of FedCoop, which is to eradicate poverty and provide the required financial support for all our members.”