LASACO Pays N3bn Life Insurance Benefits To Deceased Workers’ Next of Kin In 12 Years
Managing Director, LASACO Assurance, Razzaq Abiodun
Lasaco Assurance Plc has paid over N3 billion group life insurance benefits to the next of kin of deceased workers of the State Universal Basic Education Board (SUBEB) and local governments in Lagos State since the programme started in 2009.
This year, the company has paid N365 million to the families of 159 deceased workers.
Speaking at the cheque presentation event held in the Ministry of Local Government and Community Affairs, in Alausa, Ikeja, the Managing Director, LASACO Assurance, Razzaq Abiodun, explained that the state government has been so committed in paying premiums when due, stressing that the disbursement of the money to the beneficiaries had been possible because the state government had remained consistent in the payment of premiums on the policy.
Abiodun noted that the underwriting firm, over the years, had continued to be prompt and responsible in paying the benefits to the beneficiaries of deceased workers, adding that it has paid over N3 billion to beneficiaries.
He said, “For Lasaco it has become a norm to pay such benefits from the premium that has been paid on behalf of certain individuals by the Lagos State government in the case of unforeseen circumstances such as the death of any of the members of SUBEB or local government workers within the service period. It is a promise we have given to the state government and it is our responsibility to ensure the beneficiaries get their claims.
“The programme has been on since 2009, it is done twice in a year. This is the first tranche for 2021, we expect the second one in either September or October all things being equal.”
He, thereafter, commended Governor Babajide Sanwo for being consistent in paying premiums, noting that without it, there wouldn’t be benefits to paid to beneficiaries in the first place. “Lasaco is committed to prompt claims payment and we are proud to be associated with Lagos State,” Abiodun said
The Commissioner for Local Government and Community Affairs, Wale Ahmed, while speaking at the event stated that Lagos State cares for both the living and the dead.
Ahmed said: “Today, we are remembering the dead. Our government has shown priority to the welfare of its staff. We appeal to the beneficiaries to ensure that the money is judiciously used to take care of the children of the deceased to become responsible in the society.”
Ahmed, who was represented by the Permanent Secretary, Morenike Sanyaolu, said employees always got their salaries before the end of the month.
