There is need for life insurance companies to propagate the importance of the Group Life insurance scheme as provided in the Pension Reform Act, 2004 to the private sector workers, as many of them are yet to sign into the scheme.
President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mrs. Laide Osijo, who made this assertion in Lagos, said that the public sector was already complying with the Act.
According to Osijo, there were rooms for ingenious life companies to prospect the numerous private sector workers and take advantage of the Act to grow the industry.
She said that all over the world, life specialist companies play catalytic roles to economic development as they possess the required professional competence to conceive life policies or welfare schemes that would ultimately benefit both employers and employees.
Osijo, who gave the advice when the management of Crystalife Assurance Plc, led by the Managing Director, Mrs. ‘Seyi Ifaturoti paid her a courtesy visit in the NCRIB House, tasked life insurance firms to brace up to the challenge.
Osijo opined that the 27 existing life companies in the country should continually evolve insurance policies that would meet the needs of the teeming Nigeria population as obtained in other developed countries.
The NCRIB President noted that under the Pension Act, every employer of labour was under obligation to arrange for a life insurance cover for employees and in order to make it workable, the scheme is arranged on group basis under the Group Life Insurance.
Osijo commended the on-going synergy between the National Insurance Commission, NAICOM, and the National Pension Commission, PenCom, on Group Life insurance and annuity, noting that the action would grow the industry and improve the social welfare of Nigerians.