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Niger Group Education Policy (NIGREP) INTRODUCTION Education, they say, is the greatest asset a parent could bequeath to his/her child/children. Hence, these days, parents have special interest and preference for qualitative education for their child/children. Qualitative education is expensive and only possible when the sponsoring parents are alive and are physically able. Otherwise, the desire of parents to give qualitative education to their children will end up a mere dream when death or permanent incapacity which is outside human control should set in. THE NIGER POLICY What is it all about? It is in consideration of the foregoing scenario that NIGER INSURANCE PLC as part of her social responsibility designed an Insurance product specially to guarantee the continuous education of a child in the same school of choice of the deceased or disabled parent/sponsor. WHO WILL BENEFIT Policyholder: This is the school Authority who will be responsible for the management of the policy. The policy will serve as a source of advertisement for the school as parents/guardians will be willing to patronize a school that offers opportunity for continuation of the children’s education in the event of the worse happening. This will no doubt improve the image of the institution. Parent/Guardian/Sponsor: This is the Life Assured upon whose life the assurance depends. Just like the school fees, he/she is responsible for payment of the premium. The policy guarantees him/her, the peace of mind that his/her child’s education is not abruptly terminated when the worse happens. The student/Pupil: This is the benefiting child whose education up to the completion of that level of education before the demise or capacity of his/her sponsoring parent, is guaranteed. HOW DOES IT OPERATE The policy could be taken either by the school Authority or the Parent’s Teachers’ Association (PTA) or both. Premium per child in a class is level and added to the school fees, every term the school Authority remits the premium segment of the school fees to Niger Insurance Plc. The school Authority will be responsible to supply useful data the Insurance company may require to determine the sum assured/premium. The policy is issued to either the school Authority or the PTA or both as the case may be. In the event or death or accidental permanent incapacity of sponsoring, the insurance company will, each term, remit to the school Authority of the affected student/pupil completes that level of education in the assured school. COVER (BENEFITS) The policy provides sum assured which covers the following items: · School Fees · Cost of Uniform · Cost of Textbooks · Transportation · Examination Fees The sum assured is payable from the next term beginning from the death of the sponsoring parent/guardian up to the last term for completion of the applicable level of education before the death of sponsoring parent/guardian. |
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