Home Naijamerit News Universal Insurance drives innovation with first okada insurance product

Universal Insurance drives innovation with first okada insurance product

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Universal Insurance drives innovation with first okada insurance product

Universal Insurance drives innovation with first okada insurance product

By Rosemary Iwunze

To ensure the safety of okada riders and their passengers in Nigeria, Universal Insurance Plc has introduced a first-ever insurance product called Okada Personal Assurance & Safety Scheme (Okada Pass).

According to the company, Okada Pass plan is uniquely designed to provide cover for personal accident to the insured okada rider. The product will also be sold as an individual policy and as a group scheme to okada riders.

The plan is a compensation plan for riders in case of an accident. The premium amount to pay will, however, depend on the type of plan one chooses.

Speaking on the product, the Managing Director/CEO, Mr. Benedict Ujoatuonu, stated that Okada Pass is an innovative product that provides benefits to okada riders.

READ ALSO: Okada riders vs task: We won’t be deterred — Lagos govt

He stated that the product comes in five different plans which are: Jeje cover— with as low as N2,300 yearly premium, a rider can get paid up to N50,000 for medical expenses; N100,000 for permanent disability; N100,000 for death; N50,000 for third party liability and 10,000 for repair assist (owned damage).

Carry -Go cover: Enables the rider to get paid up to N75,000 for medical expenses; N150,000 for permanent disability; N150,000 for death; N65,000 for third party liabilities and N15,000 for repair assist (owned damage). This cover attracts a yearly premium of N3,400.

The No-Shaking cover comes with an annual premium of ₦4,000 which covers the rider and enables him to get paid up to N80,000 for medical expenses; N200,000 for permanent disability; N200,000 for death; N70,000 for third party liability and N20,000 for repair assist (owned damage).

Under the Confaam cover, riders are expected to get N80,000 for medical expenses; N200,000 for permanent disability; N200,000 for death; ₦70,000 for third party liability; ₦20,000 for repair assist (owned damage) and ₦20,000 for passengers medical expenses.

The premium for this cover is ₦4,400 per year.

The Digital Bike cover allows policyholders to pay a yearly premium up to N10,400 which qualifies them to get paid up to N100,000 for medical expenses; ₦250,000 for permanent disability.

They can get ₦250,000 for death; ₦75,000 for third party liability; ₦50,000 for repair assist (owned damage); ₦50,000 for passengers medical expenses and ₦250,000 for goods/parcel (annual limit).

Ujoatuonu said: “If you take a look at the level of accidents that involve the okada riders every day on Nigerian roads, they are high.

“And most often you discover they are left without any form of benefits that come from insurance. So, this is what our Okada Pass is coming to take care of.”

Vanguard News Nigeria

The post Universal Insurance drives innovation with first okada insurance product appeared first on Vanguard News.

Source: Vanguard News

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