By Adewole Kehinde
“The more we take the welfare of others to heart and work for their benefit, the more benefit we derive for ourselves. This is a fact that we can see.” Dalai LamaÂ
Life insurance can be defined as a contract between an insurance policyholder and an insurance company where the insurer promises to pay a sum of money in exchange for a premium upon the death of an insured person or after a set period.
A life insurance beneficiary is the person or entity that will receive the money from your policy’s death benefit when you pass away. When you purchase a life insurance policy, you choose the beneficiary of the policy. Your beneficiary may be, for example, a child or a spouse.
On September 26, 2023, the Acting Inspector-General of Police (IGP), Kayode Egbetokun, made one of the biggest presentations of cheques worth N1.3 billion to 420 next-of-kin of deceased police officers who passed away during the insured periods of 2021/2022 and 2022/2023.
I recall that on July 14, 2023, the Acting Inspector-General of Police, Kayode Egbetokun, presented cheques worth N535.6 million to 68 families of officers who lost their lives in the line of duty.
The IGP said the money was from the Group Life Insurance Policy for 2022–2023.
He also said the gesture was part of the passionate drive of the force for the welfare of police personnel and their families.
According to him, over the years, men and women of the Force have displayed unwavering commitment, dedication, and selflessness in the face of grave danger.
We all know that the essence of the group life assurance scheme is to encourage the police officers and men who have been working hard to secure the security of lives and property across the country.
The Group Life Assurance Scheme is a welfare package established as a result of the amendment of the 2004 Pension Reform Act in 2014, and the Federal Government of Nigeria is funding it.
Likewise, the IGP Family Welfare Insurance Scheme, which is being funded by the Nigeria Police Force, was established in 2017 to relieve the hardship usually faced by the deceased’s immediate family before the death benefits are ready for payment.
The well-being of police officers remains the paramount concern of IGP Kayode Egbetokun.
I recall that in his maiden speech, Egbetokun said that he would prioritize the welfare of officers and personnel of the force, and he has not relented on his promises.
Nigerians know that the police have one of the worst barracks in the country, but as part of his ideology, Kayode Egbetokun has reviewed the previous policies and agreements aimed at renovating, remodeling, and reconstructing existing police barracks and office accommodation infrastructure across the nation.
I am aware the IGP has appointed a renowned expert in property development in Nigeria, Mr. Hakeem Oguniran, as the Executive Consultant to spearhead this mission of leading a special housing agenda for the Police, ensuring that suitable housing is effectively and readily made available for all Police Officers and Men of the Force.
I am convinced that enhancing police officers’ living conditions and infrastructure will not only improve their well-being but also boost their morale and overall performance.
On a final note, it is so sad that the highest retirement benefit of a Deputy Superintendent of Police, DSP, under this obnoxious pension scheme is N2.5 million and that of an Assistant Superintendent of Police is N1.5 million, while their equivalents in the Army (captain) and DSS are paid N12.8 million and N10.3 million, respectively.
Upon retirement, the monthly take-home of a retired police DSP is just N31,600, while that of a captain, an equivalent in the army, is N180,000. While for a police inspector, it is N15,000, a warrant officer, the Army equivalent of a police inspector, takes home N120,000.
I, therefore, call on indefatigable IGP Kayode Egbetokun to ensure that the Police Pension Board Bill is signed into law, as this will ensure that every police personnel receives his or her retirement benefits as and when due.
Adewole Kehinde is the publisher of Swift Reporters and can be reached at 08166240846. E-mail: kennyadewole@gmail.com
