The Federal Government on Sunday announced the commencement of an insurance policy for the 104 Federal Government colleges in the country as well as the pupils.
The Minister of Education, Malam Adamu Adamu, confirmed this in Abuja in a statement issued by the ministry.
The statement said that in the case of the death of a pupil, the parents or sponsors would be paid a one-off sum of N500,000 only.
It indicated that the pupils would pay N5,000 as their contribution.
It noted that the government had started a “Student Welfare Insurance Scheme where pupils would pay N5,000 per session for the insurance coverage.”
According to the statement, the scheme was to ensure that no child dropped out of school on account of the loss of parents or guardians.
The minister during the inauguration of the comprehensive insurance cover for the 104 unity schools, explained that three insurance underwriters had been enlisted, to whom the government would pay N198m.
He said the sum was to ensure the school buildings and the academic content.
The minister noted that the insurance cover “for our unity schools has become the official policy of the Federal Government.”
“The government has engaged insurance underwriters and brokers for the provision of the following class of insurance –Comprehensive Fire and General Peril cover for Buildings and Content of the 104 Federal Unity Colleges,” said the statement.
“Three insurance underwriters were appointed along with the brokers. Each of the underwriters will cover schools in the two zones (one zone from the North and the other zone from the South). The total Premium to be paid to the three underwriters and brokers is N198m only for the 104 Federal Unity Colleges.
“This will provide a total coverage of N900m only per school for buildings and N200m per school only for content.”
“In more specific terms, the policy provides for the following: Death of a student – in the case of death of a student, the parents or sponsor will be given a one-off payment in the sum of N500,000 only. In the case of the death of parent or sponsor, the student will be paid the sum of N500,000 per session for a maximum of N2,500,000.
“In the case of accident of a student, N50,000 will be provided for medical expenses; and in the case of death of student or parents, N50,000 for burial expenses.”