Universal Insurance introduces new product ‘Okada PASS’ for Okada riders
Photo: Okada Economy, The Punch
Universal Insurance Plc, has introduced a first ever insurance products called Okada Personal Assurance & Safety Scheme (Okada PASS), which are to ensure the safety of Okada riders and their passengers in Nigeria.
Okada Pass plan is uniquely designed to provide cover for personal accident to the insured Okada rider. The products will also be sold as an individual policy and as a group scheme to Okada riders.
The plan is a compensation plan for riders in case of an accident. The premium amount to pay will however depend on the Type of Plan you choose.
The Okada Personal Assurance & Safety Scheme (Okada Pass) comes in five different plans:
Jeje Cover- With as low as N2,300 yearly premium a rider can get paid up to N50,000 for Medical Expenses; N100,000 for Permanent Disability; N100,000 for Death; N50,000 for Third Party Liability and 10,000 for Repair Assist (Owned damage).
Carry -Go Cover: Enables the rider to get paid up to: N75,000 for Medical Expenses; N150,000 for Permanent Disability; N150,000 for Death; N65,000 for Third Party Liabilities and N15,000 for Repair Assist (Owned damage). This cover attracts a yearly premium of N3,400.
The No-Shaking Cover comes with an annual premium of ₦4,000 which covers the Rider and enables him to get paid up to: N80,000 for Medical Expenses; N200,000 for Permanent Disability; N200,000 for Death; N70,000 for Third Party Liability and N20,000 for Repair Assist (Owned damage).
Under the Confaam Cover, riders are expected to get N80,000 for Medical Expenses; N200,000 for Permanent Disability; N200,000 for Death; ₦70,000 for Third Party Liability; ₦20,000 for Repair Assist (Owned damage) and ₦20,000 for Passengers Medical Expenses. The premium for this cover is ₦4,400 per year.
The Digital Bike Cover allows policyholders to pay a yearly premium up to N10,400 which qualifies them to get paid up to N100,000 for Medical Expenses; ₦250,000 for Permanent Disability; ₦250,000 for Death; ₦75,000 for Third Party Liability; ₦50,000 for Repair Assist (Owned damage); ₦50,000 for Passengers Medical Expenses and ₦250,000 for Goods/Parcel (Annual Limit).
Speaking on the product, the Managing Director/ CEO, Benedict Ujoatuonu, stated that Okada Pass is an innovative product that provides benefits to Okada riders.” If you take a look at the level of accidents that involve the Okada riders every day on Nigerian roads, they are high and most often you discover they are left without any form of Benefits that come from insurance. So, this is what our Okada Pass is coming to take care of.
“We provide them with personal accident Cover that makes sure that when they sustain any injury that requires medical attention,they will get it from the policy. Even if it is disability which is very rampant in Okada business, they will be covered by our policy. We will compensate the family of the rider if it results to death. Our Okada Pass is an innovative insurance product which has everything they need in the Cover.”
He urged Okada riders and their groups to embrace the new products so that they can create benefits for their members which will in turn sustain their business.
With an asset base of over =N=11Billion, authorized, share capital of 16Billion units and =N=8Billion paid-up respectively,Universal Insurance Plc. is a General Business organizationregistered to underwrite General Insurance business.
The MD/CEO revealed that the Company is now fully computerized to drive excellence in service delivery adding that they are widely known for providing peace of mind to their clients and enriching their quality of life through their partnership in the management of the risks they face.
