Punch||The Federal Government has released N3.5bn to life insurance companies as premium for the insurance cover of police officers in the country. According to information made available to SUNDAY PUNCH on Friday by the underwriters, the sum was for the group life insurance cover for all police formations and commands for the 2013 financial period.
Although the premium is coming after the 2013 financial period, it will give financial succour to the dependants of police officers who lost their lives due to security challenges in different parts of the country while discharging their duties last year. After much lobbying by the underwriters to have control over the fund, Custodian and Allied Insurance emerged the winner of the contract.
The firm is leading 21 other insurance firms to underwrite the risk in conjunction with 39 insurance brokers. The Head of the Civil Service of the Federation, Goni Aji, had earlier said the sum of N11bn was budgeted for the insurance cover for the entire workforce of the Federal Government last year. The amount, he said, would cover the premium on the insurance of members of the Nigeria Police and civil servants in all ministries.
The HOS said government prioritised the welfare of its employees and that the insurance cover was an encouraging one, especially for the families of deceased workers.