The Lagos State Government has paid 32 families of its former workers N85 million death benefits.
The payment was made possible because of the prompt payment of the insurance premium on group life and group accident insurance policy to Lasaco Assurance Plc.
Speaking at the cheque presentation to the beneficiaries in Lagos, the Head of Service, Mrs Folasade Adesoye said the payment was neither a favour nor largesse, but rather a responsibility of the government.
She said the welfare packages, were among other programmes provided by the government for the workers. She listed these as the Group Life Insurance, Group Personal Accident Insurance, Motor Accident Insurance, Property Liability and Marine Insurance as well as coverage for government’s properties.
The importance that the government attaches to these packages, among other welfare initiatives, derives mainly from the government’s prioritisation of its workers as its most important asset, she said.
Mrs Adesoye said: “The primary policy objective of the payment of insurance death benefits is, therefore, essentially for the funds to serve as succour for the immediate families, dependents and other beneficiaries of the deceased. It is the hope and expectation of the government that the immediate needs of feeding, clothing, schools fees, house rent, transport, medicals and general family well-being would be substantially addressed in the period between the demise of the family’s bread winner, the release of his entitlements and the institution of more permanent support structures.
“Please endeavour to seek guidance and professional advice from financial consultants and small business experts before taking decisions which could significantly impact your families.”
The Permanent Secretary, Lagos Ministry of Finance, Mrs Funmilayo Balogun advised the beneficiaries to seek expert before investing the money, especially in business and investments.
She stressed that the governor has played its role by ensuring that its deceased workers’ families received the money, but that the families have the responsibility to ensure that the money was well spent, especially on the education of the deceased’s children, among others.
Lasaco Managing Director, Segun Balogun, represented by the General Manager, Dimeji Olona, commended the government for the prompt payment of the workers’ premiums.
He pointed out that the company would not have been able to pay the claims, if the premiums were not paid.
He noted that the governor has ensured that the dependants of its workers are not left to suffer.
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