The Student Welfare Insurance Safety Scheme (SWISS) is a unique product,
designed to provide cover to students of an institution over accidents resulting
to death or permanent disability. This also includes cover for medical and
burial expenses resulting from accidents. The Student Welfare Insurance Safety
Scheme (SWISS) provides 24hours cover to students and operates anywhere in the
world (on and off campus)
The Student Welfare Insurance Safety Scheme falls under the general accident
insurance business as stipulated under the Insurance act of 2003.
This Scheme is specifically designed to provide cover for students at a very
economical premium rate and also provide benefits in the event of the following
(i) Death resulting from accidental causes
(ii) Permanent disability resulting from accident
(iii) Medical expenses resulting from accident
(iv) Burial Expenses
The Product is designed for institutions to take up insurance policies for and
on behalf of their students. The student pays the premium as part of his/her
school fees which gives them automatic cover for the academic session.
This product is grouped into three classes such that the institution has the
option of choosing what plan/package best suits the requirement of its students.
The classes are;
From the plans above, benefits and compensation range from N50,000 (fifty
Thousand Naira only) to N1,000,000 (One million naira only) dependent on what
claims they institute.
Students, after payment of their school fees would be given a scratch card which
would give them access to a dedicated website where they are required to upload
their details. This website also gives them access for renewals and claims
Human Life is precious, but then accidents are accidents and we at Regency
Alliance Insurance Plc believe this cover should not be restricted to the
working class, hence the need for the Student Welfare Insurance Scheme.