Definition: National Insurance General (NIG) is an umbrella term that refers to various types of national insurance schemes in Nigeria, designed to provide protection against unemployment, sickness, disability, death, retirement, loss of earnings, and other losses arising from employment. The NIGs cover a wide range of risks and benefits for both employers and employees. 1. Employer's National Insurance Scheme (ENI) - This scheme is primarily aimed at providing financial security for employers who are unable to employ their staff due to the death or disability of an employee. It includes a lump sum payment, which can be used to pay for funeral expenses and other related costs. 2. Employee National Insurance Scheme (E-NIS) - This is designed to provide financial protection to employees in case of death or disability from employment. The E-NIS provides monthly payments, up to a certain maximum limit, to cover various types of losses such as lost wages, hospitalization, and funeral expenses. 3. Public Employee National Insurance Scheme (PENIS) - This scheme is designed for employees of public bodies. It covers the loss of earnings due to sickness, disability, death or any other reasons that prevent them from working. 4. National Disability Insurance Scheme (NDIS) - Also known as the Universal Basic Income, this scheme aims to provide a safety net for individuals who are unable to work because they cannot earn enough to support themselves and their families. The NDIS covers various types of losses such as medical expenses, food, housing, transportation, and other related costs. 5. National Pension Scheme (NPS) - This is the main pension scheme in Nigeria that offers a retirement income security package to its employees. It provides monthly benefits to eligible beneficiaries based on their contributions and earnings over a specified period. The NIGs are designed to protect individuals against the risks of unemployment, sickness, disability, death, loss of earnings, and other losses resulting from employment. They cover various types of losses that may arise due to factors such as job loss, illness or accident in the workplace, sickness during working hours, or incapacity after retirement. The aim is to help employees maintain their financial security while still enjoying work.
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