1st April, 2023
LASACO Assurance, a foremost insurance company, has presented death benefits of N190 million to families of 97 deceased staff of both Lagos State Universal Basic Education (LASUBEB) and the Ministry of Local Government and Community Affairs.
The Public presentation was chaired by Kayode Robert, Special Adviser to the Lagos State Governor on Local Government and Community Affairs.
The Managing Director of LASACO Assurance, Razzaq Abiodun, traced the genesis of the group life scheme for the civil and public servants to the administration of Lagos State’s former Governor, Bola Tinubu, who is now the President-Elect of the Federal Republic of Nigeria.
He disclosed that LASACO had paid almost N3 billion as death benefits to beneficiaries of 1,356 deceased staff since 2017 when they began the public presentation of death benefits on this particular Scheme.
Abiodun praised the state government for prompt payment of premiums and noted that there are few state governments committed to insurance on a consistent basis.
He also admonished beneficiaries to arrange personal insurance policies beyond the ones provided by the employers of labour since they have now seen the benefit of insurance.
Earlier, Roberts commended LASACO for consistency in handling the Group Life Scheme over the years without any hitches.
He emphasized the benefit of continuity of good governance, saying that successive administrations had maintained the legacy of good welfare package for the living and the dead that Tinubu began.
The Permanent Secretary, Lagos State Ministry of Local Government and Community Affairs, Afusat Bolarinwa thanked LASACO and Haggai Insurance Brokers for ensuring that families of the deceased staff were guided on documentation required for the smooth administration of the scheme over the years.
The Chairman of SUBEB, Wahab Alawiye-King, who was represented by the Director, Pension for the board, advised the beneficiaries to judiciously utilize the death benefits.
The beneficiaries and their family members were full of praises to LASACO Insurance and the government of Lagos State for the provision of financial succour to the dependants of the deceased.