The National Insurance Commission (NAICOM) says the insurance industry will pay an assured sum of N3 million each to families of medical doctors who died on the line of duty while fighting COVID-19.
Mr Sunday Thomas, the Acting Commissioner for Insurance, NAICOM, made the disclosure in Abuja on Friday.
The document was presented to the Presidential Task Force on COVID-19.
Thomas said that families of nurses and pharmacists who also died in active service would be paid N2 million each while families of other health workers would get N1 million respectively.
The acting commissioner said the gesture was under the insurance cover offered by the insurance industry to 5,000 health workers on the front-line for the fight against COVID-19.
Thomas said the insurance cover would be for a period of 12 months with effect from April 14.
He noted that the premium of N112.5 million for the cover had been paid by the insurance industry in line with the principle of ‘No Premium, No Cover’.
According to him, 19 life insurance companies have been accredited to provide the cover.
“The Nigerian Insurance Industry is offering to the Federal Government its assistance in providing life insurance cover to the frontline workers on COVID-19.
“In event of any fatality, the relevant agencies of government will immediately advise the lead underwriter – First Bank of Nigeria Insurance Ltd. who will make request for relevant documents needed for payment of the claim.
”The estimated liability of the insuring companies is N11 billion.
“The Life Insurance Policy which is the evidence of the contract is hereby presented to the Chairman, Presidential Task Force on COVID- 19 through the Minister of Finance, Budget and National Planning,” he said.