By Adedapo Adesanya
Universal Insurance Plc has introduced the first-ever insurance products or commercial motorcycle riders (Okada) called the Okada Personal Assurance & Safety Scheme (Okada Pass).
This new product from the underwriting company is mainly to ensure the safety of commercial motorcycle riders and their passengers in Nigeria.
The Okada Pass plan was uniquely designed to provide cover for personal accident to the insured Okada rider. The product will also 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 will, however, depend on the type of plan chosen by the policyholders.
The Okada Personal Assurance & Safety Scheme comes in five different plans namely Jeje Cover, Carry-Go Cover, No-Shaking Cover, Confaam Cover, and Digital Bike Cover.
The Jeje Cover, with as low as N2,300 yearly premium, a rider can get paid up to N50,000 for medical expenses; N100,000 for permanent disability; N100,000 for death; N50,000 for third party liability and 10,000 for repair assist (owned damage).
For the Carry -Go Cover, it enables the rider to get paid up to N75,000 for medical expenses; N150,000 for permanent disability; N150,000 for death; N65,000 for third party liability and N15,000 for repair assist. This cover attracts a yearly premium of N3,400.
On the part of the No-Shaking Cover, it comes with an annual premium of N4,000 and it enables the rider to get paid up to N80,000 for medical expenses; N200,000 for permanent disability; N200,000 for death; N70,000 for third party liability and N20,000 for repair assist.
Under the Confaam Cover, riders are expected to get N80,000 for medical expenses; N200,000 for permanent disability; N200,000 for death; N70,000 for third party liability; N20,000 for repair assist and N20,000 for passengers medical expenses. The premium for this cover is N4,400 per year.
The Digital Bike Cover allows policyholders to pay a yearly premium up to N10,400 which qualifies them to get paid up to N100,000 for medical expenses; N250,000 for permanent disability; N250,000 for death; N75,000 for third party liability; N50,000 for repair assist; N50,000 for passengers medical expenses and N250,000 for goods/parcel (annual limit).
Speaking on the product, the Managing Director/CEO of Universal Insurance, Mr Benedict Ujoatuonu, said the Okada Pass is an innovative product that provides benefits to Okada riders.
According to Mr Ujoatuonu, “If you take a look at the level of accidents that involve the Okada riders every day on Nigerian roads, they are high and most often you discover they are left without any form of benefits that come from insurance. So, this is what our Okada Pass is coming to take care of”.
“We provide them with personal accident cover that makes sure that when they sustain any injury that requires medical attention, they will get it from the policy. Even if it is a disability which is very rampant in Okada business, they will be covered by our policy. We will compensate the family of the rider if it results in death. Our Okada Pass is an innovative insurance product which has everything they need in the cover,” the insurance expert added.
He urged Okada riders and their groups to embrace the new products to enable create benefits for their members which will, in turn, sustain their business.
Universal Insurance is a general business organisation registered to underwrite general insurance business. It has an asset base of over N11 billion, authorized, share capital of 16Billion units and N8 billion paid-up respectively.
The CEO revealed that the company was 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.
