Fec approves 17 insurance subscribers for n17.3 billion of group life guarantee patterns

On Monday, the Federal Executive Council (FEC) approved the appointment of 17 insurance subscription companies to manage the group life insurance regime for the political year of 2025/2026.

Contacting the correspondents of the state chamber at the end of the meeting, FEC presided over by President Bola Ahmed Tinubu, head of the Federation’s civil service, Ms Didi Esther Walson-Jack, said the policy covers the president, the vice-president, the ministers, the high officials and thousands of federal public employees.

He said that the regime, supported by a N17.3 billion of allocation of the budget, provides insurance coverage on the life that pays the benefits to the subsequent relatives of public employees in the event of death, offering to mourning families in Pada in line with the Pension Reform Act 2014, which requires employers to maintain employers to maintain the insurance policies on life at least three times an annual hemolotto of one employee.

He said that the government has increased group assignment for the life insurance by 80 % in the proposal of appropriation for 2025.

He added that N17.31 billion has been assigned to “Life Assurance Group for all MDA, including the Department of State Services/Insurance of sensitive goods/members of the National Youth Service Corps, in addition to the administration and monitoring.

“I would like to bring you quickly through the actual approval for today. The approval for today was for the appointment of 17 insurance subscribers to cover the group life insurance and for the year 2025/2026 as I had mentioned previously.”