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Prudent micro insurance gets NAICOM approval

Insurers eye new template for government assets

The management of Prudent Micro Insurance Limited (PCMI) says it has been granted operational license by National Insurance Commission of Nigeria (NAICOM) to commence state-wide micro insurance operation in Edo State.

Oyegue Osazee, the board chairman, Prudent Micro Insurance Limited (PCMI) made the disclosure while speaking with newsmen in Benin City.

Oyegue who said the organization was the first to have commenced micro insurance operation in the state, assured that the organization would make insurance simple, accessible, affordable and workable for low income earners in the state.

He explained that the financial institution has developed products that would foster the emancipation of the financially challenged persons in the state of financial hopelessness.

Read also: Nigeria’s pension fund assets hits N13trn as contributors increase to 9.46mn

He opined that the economically disadvantaged people in the country are exposed to a lot of risks ranging from death of the breadwinners, permanent disabilities and armed robbery.

While noting that the organization has achieved an enviable feat of gaining a state wide license from the National Insurance Commission of Nigeria (NAICOM), he added that
when financial risks are not reduced, it could lead to poverty and even death.

He noted that the organization is licensed to undertake both life and general micro insurance.

The PCMI boss listed the products to include, Micro loan protection plan.

He added that the micro loan protection plan is a credit linked life assurance scheme designed to pay off a borrower’s outstanding loan in the event of default by death or permanent disability of the borrower.

Others are Micro Property Protection Plan, Casualty Mitigation Plan, Easy Savings for tomorrow and Okada and Keke insurance.