2020 budget fg proposes n15bn for group life insurance of mdas

According to the 2020 budget proposal by the Federal Government of Nigeria, the sum of N15 billion has been allocated for the payment of group life insurance premiums for the staff of Ministries, Departments, and Agencies (MDAs).

This allocation is aimed at providing a safety net for the families of MDAs staff in the event of their demise, and to ensure that their loved ones are taken care of. The group life insurance policy is designed to provide a lump sum payment to the beneficiaries of the deceased staff member, which can be used to cover funeral expenses, outstanding debts, and other financial obligations.

The allocation of N15 billion for group life insurance premiums is a significant increase from the previous year's allocation, which was N10 billion. This increase reflects the government's commitment to the welfare and well-being of its employees, and its recognition of the importance of providing a secure and stable future for their families.

It's worth noting that the group life insurance policy is mandatory for all MDAs staff, and the premiums are deducted from their salaries on a monthly basis. The policy is administered by the National Pension Commission (PenCom), which is responsible for ensuring that the policy is implemented and managed in accordance with the relevant laws and regulations.