Stockbrokers’ Institute Launches Life Assurance for Members

Olatunde Amolegbe

Goddy Egene

The Chartered Institute of Stockbrokers (CIS) has launched a life and personal accident insurance for its members to address their physical, mental and financial challenges associated with Nigeria’s tough operating environment.

Under the combined group life assurance scheme and group personal accident insurance cover, every member is immediately entitled to a sum of N1,000,000 compensation in the event of death or permanent injury while there is a specified amount for medical bills for injury sustained.

Already, the policy, hailed by market watchers as a succor to stockbrokers given the rising cases of deaths in the society, has become effective with the signing of a Memorandum of Understanding (MoU) yesterday by the Institute and insurance firm, AfriGlobal Insurance Brokers.

Speaking at the signing ceremony, the President, CIS, Mr. Olatunde Amolegbe, explained that the group insurance scheme was part of the initiatives to create enabling environment for the members and would be extended to their families soon.

“One of our desires as an institute is to continue to cater for the welfare of our members and their families. The institute has decided to put in place life insurance policy for its members such that the families can be taking care of in the event of inevitable. This is historic for the institute after over 27 years of our existence, we see this as a stepping stone and we are hoping to do more by extending the benefits to family members of our members in the nearest future,” said Amolegbe.

Also speaking, the Chairman, Membership Committee, CIS, Alhaji Garuba, said at any point in time, value should be created for the members.

“It attracts other people to show the willingness to join an organisation. We believe this the right step and we are starting with the members for now but hope to include family members in the future. More members will join the benefit fold very soon while we are expecting other professional bodies to follow suit,” Kurfi said.

In his comments, the Managing Director and Chief Executive Officer, AfriGlobal Insurance Brokers, Mr. Casmir Azubuike, said:“We are pleased to be part of this signing ceremony. We are honoured to be the provider insurance intermediation services to this highly esteemed Institute. We commend the Governing Council for coming up with this laudable initiatives which we believe other professional bodies will copy to make impact on the well being their members. Let me assure you that this great step will go a long way in attracting more members to the Institute.”