The Federal Government has concluded plans to introduce a comprehensive insurance cover for each student studying in the 104 Unity Colleges scattered across the country.
The policy also covers vehicles and other physical infrastructures in all the Colleges.
With the new development, parents are expected to incur more expenses as they would be required to pay additional N5,000 annually as premium.
According to the Minister of Education, Adamu Adamu, the premium would be paid alongside tuition fees.
The policy, according to the federal government is expected to be driven by insurance underwriters and brokers some of which have already been recruited by the government.
While giving a breakdown of the classes of insurance package to be provided, the Minister explained that it encompasses fire and general peril cover for buildings and content of the 104 Federal Unity Colleges (FUCs).
He said three insurance underwriters have been appointed along with brokers. Each of the underwriters will cover schools in 2 Geo-political zones (one zone from the North and the 2nd zone from the South).
“The total premium to be paid to the three (3) underwriters and brokers will amount to N198, 000,000 million for the 104 Federal Unity Colleges. This will provide a total coverage of N900, 000,000 million per school for buildings and N200, 000,000 million per school for content.
“For provision of comprehensive vehicle insurance cover for the vehicles of the 104 Federal Unity Colleges. The Ministry said 2 insurance underwriters and brokers have been engaged to provide comprehensive insurance cover for all the vehicles of the Colleges.
“A total premium of N70, 000,000 million will be paid to the underwriters and brokers for this coverage. The total number of vehicles to be covered is 326 with a total value of N947, 260,000 million,”Adamu explained.
On the student welfare insurance schemes for students of the 104 Federal Unity Colleges, the Minister noted that students are to pay N5, 000 only per session.
He said the idea of the SWIS scheme was to ensure that once a child is admitted into any of our Unity schools, that child will never drop out of school on account of the loss of parents or guardians responsible for the payment of his or her school fees.
He said, “In more specific terms, the policy provides for the following, the death of a student; in the case of death of a student, the parents/sponsor will be given a one-off payment in the sum of five hundred thousand naira (N500, 000.00 Naira) only.
“Death of sponsor; in the case of death of parent/sponsor, the student will be paid the sum of N500, 000 per session for a maximum of N2,500,000 only.
“Accident; in the case of accident of a student, the sum of N50, 000 only will be provided for medical expenses; and burial expenses; in the event of the death of student/parent/sponsor, the sum of N50, 000 only will be provided for burial expenses.
“In other words, the insurance company takes over the payment of the child’s school fees from where the parents or guardian stopped.
“I want to use this opportunity to call on all parents, to honour this obligation on a yearly basis in line with government policy in this regard. The N5, 000 premium will be paid along with the school fees as it is part of the scale of fees. This policy is cheap compared to the expected enormous benefits it will confer on the parties”.
Adamu also read the riot act to any of the insurance which defaults, saying they will be severely dealt with if found wanting.
His words, “Let me also use this opportunity to call on the insurance companies, Parents Teachers Association (PTA) and the Principals of Unity Schools to take out time to explain this policy of the government to all the parties concerned. It is painful to see any student drop out of school due to the death of his/her sponsor.
“On our part as the government, we shall continue to ensure that all insurance companies involved in this scheme honour their obligations as and when due.
“Let me warn that any insurance company involved in this scheme that fails to honour its obligations will be severely dealt with.
“It is our expectation that this policy will lead to greater enrolment in our Unity Schools. By 2020, it is expected that enrolment in our Unity Schools occasioned by this policy would have increased by at least 20%.
“Proactively, our 2020 budget will factor in a carrying capacity expansion project in some of the Unity School that needs to expand this carrying capacity. This could be done by way of building annexes for some of these schools or where space is not a problem within a school, build more classrooms, laboratories, hostels and other facilities required to take in more students”.