Anchor to introduce policy for job loss
THE National Insurance Commission has given Anchor Insurance Company Limited and Universal Risk Management and Actuarial Services approval to jointly introduce a new product for workers called URFANS Loss of Employment Insurance Scheme.
According to a statement from the firm, the Managing Director and Chief Executive Officer, Anchor Insurance, Mr. Ademayowa Adeduro said the product LoEIS would soon be officially unveiled to the public.
The company noted that the original concept of the product was born out of intensive research, market survey and test marketing locally and abroad since 2011 by Universal Risk Management And Actuarial Services Limited, an indigenous actuarial service consulting firm.
It said it relied on the competence and relationship between URMAAS Limited USA, PolySystems, Inc USA and URMAAS Limited Nigeria to make a success story from the product.
URMAAS began a research work on how to address the increasing menace of job insecurity and spiral effects of loss of employment in Nigeria.
Adeduro explained that the new product provides cover against sudden loss of employment income for a reasonable period of time that the victim could regain employment and flow of income resumes.
“This product provides benefit for a member who lost his employment through no fault of his. LoEIS will continue to provide financial cushion against income losses from temporary unemployment,”.
In the event of loss of employment, he said the policy will pay the insured, the salary earned last in the employment for a period of time during which period the member may have regained another employment subject to a maximum period of 24 months.
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