26 LASU Students: FBS Re and Insurfeel Initiative Grant N66.30m School Fees Protection Plan

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In a philanthropic endeavor aimed at mitigating risks and deepening insurance penetration, FBS Reinsurance Corporation, in collaboration with the Insurfeel Initiative, has generously donated insurance coverage totaling N66.30 million to 26 students of Lagos State University (LASU).


The symbolic presentation of the insurance policies took place at the LASU Main Campus in Ojo, Lagos State, earlier this week. Notably, the event also witnessed the recognition of the immediate past Dean of the Faculty of Management Science and the new Dean, who were each awarded free Unipersonal coverage.


Chuks Udo Okonta, the Promoter of Insurfeel Initiative, expressed the motive behind the donation, emphasizing the importance of mitigating risks and enabling Nigerians to experience the benefits of insurance. Each student and their caregiver will now be entitled to N2.55 million in coverage, encompassing medical expenses, permanent disability benefits, and death benefits for both the student and their parent.


Okonta outlined the initiative’s commitment to donating one million insurance covers to the uninsured by 2025, leveraging the “Suya Strategy” to promote insurance penetration, education, and sensitization. He emphasized the cost-effectiveness of donating insurance cover compared to contributing money when unexpected events occur.


The initiative received commendations from various quarters, including the management of LASU and the Chartered Insurance Institute of Nigeria (CIIN). Professor Raheem Olasupo Akewusola, the outgone Dean of the Faculty of Management Sciences, emphasized the importance of insurance in mitigating life’s uncertainties and commended the initiative as a significant gift to humanity.

Professor Akanji Rafiu Bankole, the new Dean, expressed gratitude for the benevolent act and pledged further collaboration in the future. Edwin Igbiti, President of CIIN, highlighted the significance of raising awareness about insurance and derisking the economy through initiatives like this.


Tony Okafor, Head of Retail at Universal Insurance Plc, elaborated on the comprehensive coverage provided by the policy, including personal accidents, permanent disability, death, and a unique School Fees Protection Plan. He called for continued collaboration between educational institutions, Insurfeel Initiative, and insurance companies to positively impact lives and promote financial security.


The donation of the School Fees Protection Plan by FBS Re and Insurfeel Initiative stands as a testament to their commitment to supporting education, mitigating risks, and fostering financial inclusion for Nigerian students and their families.

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