The Chartered Institute of Stockbrokers (CIS) has commenced a group life assurance scheme for eligible financial members, Adedeji David Ajadi, registrar and chief executive, said in a notice sent out to members. The scheme, which is meant to cover all members in good financial standing as at August 30 2020, began on September 1, 2020, and will run through March 31, 2021. Subsequently, the yearly circle will be from April 1 to March 31.
The Chartered Institute of Stockbrokers is a professional body of choice since 1992 and regulate the activities of its members. The professional body seeks to achieve the highest level of professionalism in all activities, through the provision of qualitative, efficient, timely and responsive services by means of proactive, innovative, and cost-effective approaches.
Group life insurance for employees of companies and members of professional bodies in Nigeria gained more traction when the New Pension Reform Act 2004 amended in 2014 came into force.
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“All Associate and Fellow members of the Institute in good financial standing regarding the payment of all fees and dues as at March 31 and within the age bracket 18 – 70 years will be covered automatically without any additional cost”, Ajadi said.
As a professional body of choice, it has selected the nation’s leading insurance firm, Leadway Assurance Company, as the insurer for the scheme.
“The policy crystallizes on the demise of the member assured, and the sum of N1,000,000 (One million naira only) becomes payable to the beneficiary of the deceased member. Eligible members are required to complete a group life policy form with relevant details”, he added.
CIS’ values include professionalism, quality of service, accountability, transparency, and members focus. Others are integrity, resourcefulness, and respect.
