Lasaco Assurance pays N978m to relatives of deceased Lagos workers

Lasaco Assurance Plc, in collaboration with the Lagos State Government and a consortium of underwriters and brokers, has disbursed N978.62 million in insurance benefits to over 510 families of deceased public servants.

The event, which underscored the state’s commitment to supporting families of those who dedicated their lives to public service, was a group life insurance packaged by the state for the benefit of its employees.

Abayomi Oluyomi, Lagos State Commissioner for Health in his remarks reaffirmed that the government is dedicated to the welfare of its civil servants and their families, both during and after their service.

Razzaq Abiodun, managing director of Lasaco Assurance described the initiative as “an embodiment of protection, providing both asset and welfare packages for the deceased and living members of the civil service in Lagos State.”

His remarks were echoed by Hon. Femi Saheed, chairman of the Lagos State House of Assembly Committee on Finance, who commended the state’s consistency in maintaining adequate insurance coverage for its workforce.

The officials at the event also urged beneficiaries to manage the funds cautiously, emphasizing the importance of financial literacy to ensure the support serves its intended purpose. The event reinforced a powerful message to civil servants and their families, that they were not only protected, but also valued, and acknowledged.

The disbursement further reinforces Lasaco Assurance Plc’s leadership in social impact and workforce protection in Nigeria. As a trusted insurer, Lasaco Assurance Plc remains at the heart of public service initiatives, proving that insurance is not just paperwork, but also a vital instrument for safeguarding lives and honouring the legacies of public servants.

Group life insurance policy is a provision in the Pension Reform Act 2004, which Lagos State has adopted for the benefit of its employees.

Section 9 sub-section 3 of the Act requires employers to maintain a life insurance policy or death-in-service benefit scheme in favour of their employees for a minimum of three times the annual total emolument of the employees.