The scheme, which also covers free emergency evacuation to any hospital in Nigeria, is put together by NARTO alongside NEM Insurance Plc.
National President, NARTO, Alhaji Kasim Bataiya, said the decision to introduce the scheme was born out of the recent experience in the country.
Bataiya, represented by National Secretary, Mr. Emmanuel Gowon, said members of the NYSC had been exposed to various life-threatening hazards, excruciating experiences and other societal vices in the course of their mandatory service year hence the introduction of the scheme.
He said though no amount of money would bring the dead back to life, the scheme would go a long way in providing succour to them or members of their families in case of any accident.
Bataiya said though the voluntary scheme was not within the purview of the NYSC authorities, its management is supporting the initiative.
He said, “The insurance benefits are highly subsidised by NARTO in furtherance of its corporate social responsibility. The insurance premium payable by each subscribing corps member is N5, 000.
“Subscribers under the scheme will get N5m for accidental death, treatment of medical injury up to N500, 000; free evacuation to any hospital of choice in Nigeria and N5m for permanent disability as a result of accident.”
He emphasised that the policy had been extended to cover peculiar risks to serving corps members in the areas of medical expenses; motorcycling; riot, strike and civil commotion.
According to him, the cover provided by the policy is extended to include sporting activities as an amateur.
Bataiya added that an interim payment of a maximum of 60 per cent of the amount stated in respect of medical expenses and medical evacuation could be paid within 72 hours of request within the terms and conditions.
He urged the federal, state and local governments to buy into the vision by taking policies for corps members who were their indigenes and those serving within their states.
“We also urge corporate organisations to extend the scope of their CSR by taking the advantage of this policy for corps members on primary assignments in their organisations,” Bataiya said.
The Group General Manager, NEM Insurance Plc, Mr. Alani Olojede, lauded the efforts of NARTO in extending the gesture to the corps members.