It said this in a statement on Sunday titled ‘Universal Insurance drives innovation with first-ever okada insurance product’.
The statement said the plan was uniquely designed to provide cover for personal accidents to the insured rider.
It stated that the product would also be sold as an individual policy and as a group scheme to okada riders.
Universal Insurance described the plan as a compensation plan for riders in case of an accident.
The premium amount to be paid would however depends on the type of plan bought, it stated.
According to the statement, the Okada Personal Assurance & Safety Scheme (Okada Pass) is in five different plans.
The plans are Jeje Cover, Carry-Go Cover, No-Shaking Cover, Under the Confaam Cover, and Digital Bike Cover.
Speaking on the product, the Managing Director/Chief Executive Officer, Mr Benedict Ujoatuonu, stated that Okada Pass is an innovative product that provides benefits to Okada riders.
He said, “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 disability which is very rampant in okada business, they will be covered by our policy.”
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