By Adedapo Adesanya
To deepen insurance inclusion in the country, Universal Insurance Plc has unveiled a personal accident cover called Keke Pass to provide insurance cover for tricycle riders who are major key players in Nigeria’s transport system.
According to the underwriter, riders of the popular tricycle known as Keke can now pay as low as N2,600 get a personal accident cover.
KEKE PASS plan was uniquely designed to provide cover for personal accident to the insured rider. This policy also will be sold as an individual policy and as a group scheme to the riders.
The plan is a compensation plan for riders in case of an accident. The premium amount to pay depends on the type of plan they opt for.
It comes in four different plans which are: Jeje Cover, which can be subscribed to with N2,600 yearly premium and enables a rider to get paid up to N50,000 for Medical Expenses; N150,000 for Permanent Disability; N150,000 for Death N50,000 for Third Party Liability and N15,000 Repair assist (Owned damage).
Another plan is the Carry-Go Cover, which comes with an annual premium of N3,700 per annum and the rider is expected to get paid up to N75,000 for Medical Expenses, N200,000 for Permanent Disability; N200,000 for Death; N75,000 for Personal Liability and N20,000 RepairAssist (Owned damage).
The third package is the No-Shaking Cover, which is sold for N4,800 per annum and riders get N100,000 for Medical Expenses; N250,000 for Permanent Disability; N250,000 for Death; N100,000 for Personal Liability and N25,000 RepairAssist (Owned damage).
The last bouquet is the Confaam Cover, which attracts a payment of N6,000 per annum. The insured gets N100,000 for Medical Expenses; N250,000 for Permanent Disability; N250,000 for Death; N100,000 for Personal Liability; N25,000 RepairAssist (Owned damage); N60,000 for Passengers Medical Expenses (Limit per passenger N20,000).
Speaking on the product, the Managing Director/CEO of the firm, Mr Benedict Ujoatuonu, stated that Keke Pass targets the numerous tricycle riders in the country.
Speaking on the uniqueness of the product, he said, “usually in motor insurance policies we have centred only on taking care of the loss of the insured motor insurance vehicle on third party liabilities.
“But our Keke Pass is an innovative product that looks at the rider himself in making sure that adequate insurance is provided for the benefit of the rider in case he sustains injuries that require medical attention while he is riding temporarily or permanent disability as a result of the accident or in the unfortunate event of the death of the rider.”
According to him, whatever happens, while he is riding, is fully taken care of by Keke Pass.
Mr Ujoatuonu urged all riders to embrace the product that is meant to help them and encourage them in ensuring that they continue to ride and generate revenue and take care of the family knowing that if anything happens, Universal Insurance is behind them to ensure they get the required support.
He also called on the various tricycle associations to embrace the new products so that they can create benefits for their members which will in turn sustain their business.
Business Post had reported that Universal insurance was the first company that launched the first-ever insurance product called okada personal Assurance & Safety Scheme (Okada Pass) For okada riders.
With an asset base of over N11 billion, authorized, share capital of 16 billion units and N8 billion paid-up respectively, Universal Insurance Plc is a duly registered organisation licenced to underwrite General Insurance business.
The MD/CEO revealed that the company is now fully computerized to drive excellence in service delivery adding that they are widely known for providing peace of mind to their clients and enriching their quality of life through their partnership in the management of the risks they face.
Dipo Olowookere