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LASACO settles N85m claims to relations of dead Lagos workers


The Pension Transitional Arrangement Directorate (PTAD), through its Divisional Manager, Christianah Adebote, has commended Lasaco Assurance Plc for settling the Legacy Funds in its custody.

Underwriting firm, LASACO Assurance Plc said it paid claims to the relatives of 32 deceased workers under the Group Life Assurance Policy (GLIP) of Lagos State.
The Lagos State Head of Service, Folashade Adesoye, at the cheque presentation to beneficiaries of the deceased workers in Lagos, said GLIP is part of the staff welfare programme provided by the State Government for its public service workers.

She said the insurance package was for group personal accident, motor accident, property liability, marine as well as coverage for government’s properties. Adesoye said: “The primary policy objective of the payment of insurance death benefits is, therefore, essentially for the funds to serve as succour for the immediate families, dependants and other beneficiaries of the deceased.

“It is the hope and expectation of government that the immediate needs of feeding, clothing, school fees, house rent, transport, medicals and general family well-being would be substantially addressed (even if not totally) in the period between the demise of the family’s breadwinner, the release of his entitlements and the institution of more permanent support structures.”

She added that the importance the state attaches to the insurance package among other welfare initiatives derives mainly from the prioritisation of its workforce as being the most important asset.She commended LASACO for its part in ensuring the sustenance of best practices towards making life much better and rewarding for the families of deceased workers under the group policy.

The Managing Director, LASACO Assurance, Segun Balogun, while presenting the cash to the beneficiaries at the Ministry of Local Government and Community Affairs, Alausa, Ikeja, Lagos, lauded the government for instituting the GLIP for its workers in 2009.

He said 174 relative of the deceased staff have benefited from the scheme between 2013 and last year, and urged the beneficiaries to use the money judiciously, especially for the education of deceased children.

Balogun noted that of the 36 states in the country, only a few have implemented the scheme.The General Manager, LASACO Life, Oladimeji Olona, said Lagos has been the most insurance-friendly state.“If premium was not paid, there won’t be an insurance cover. We thank Lagos State Government, the employer, for paying premium on the workers’ insurance, and we are here to settle claims.”

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