Cynthia Ezekwe
Cornerstone Insurance Plc, a leading name in the Nigerian insurance landscape, has launched a forward-looking, customer-centric initiative to nurture the growth of insurance adoption and coverage in the country. This dynamic, technology-driven strategy revolves around the introduction of a state-of-the-art mobile application and four innovative new products: Cornerstone Rest, Flexi, Clip, and Oga Boy.
Muibat Jimoh, head, life technical unit, while speaking at a press conference to formally unveil the App noted that the App would enable the public to have round the clock access to the firm’s operations from the comfort of their homes or offices, whilst the products would engender saving culture.
“Cornerstone Rest (C-Rest), which has carved a niche for itself among its peers, is currently the most embraced Cornerstone savings plan for all classes of individuals,” Jimoh observed, adding that “C-Rest allows individuals to grow their money with added free life insurance cover and that not only do they receive guaranteed disbursement of their money at the end of the contract, the policy also shields their loved ones with a solid protection called “the Sum Assured,’’ she said.
Jimoh explained that the sum assured is usually a fixed amount within the policy contract term paid to a named beneficiary in the policyholder’s demise, adding that the products are all need based, providing solutions across wealth creation, retirement savings, children education funding and financial settlements for apprentice, and the policy duration is a minimum term of one year and a maximum term of 10 years.
“The minimum entry age is 18 and maximum age is 65 and minimum investment contribution is N3,000 monthly. The contributions can be increased at any time during the lifetime of the policy,’’ she noted.
Ensuring that financial security is not left to chance, Muibat Jimoh pointed out the salient point that in the unfortunate event of the policyholder’s death before the policy’s expiration, the policy’s designated beneficiary will receive the full death benefit. Furthermore, the policyholder stands to receive the sum of the invested funds and the accrued interest at the end of the policy’s term, creating a robust financial safety net.
Jimoh maintained that the life cover is based on the range of monthly contributions, while interest rate is SDR + 1 and the surrender period carries a fee of 100 percent charge for Year 1, 50 percent for Year 2, 20 percent for Year 3, and 10 percent for the 4th year.
The Cornerstone Flexi plan, she explained, is an endowment policy that offers a lump sum amount on maturity of the. contract or death of the policyholder, stressing that its flexibility makes it easy for individuals to pay the premium upfront, either annually, bi-annually, quarterly, or monthly.
“This flexibility is also obtainable in the aspect of paying benefits to beneficiaries as payment is made quarterly, second quarter or at the end of the policy term. One other good feature of Flexi is that it allows policyholders to access loan options to the tune of 70 per cent of the contract’s surrender value, so long as the policy has been operational for at least two years,’’ she said.
Jimoh explained that the premiums for the flexi plan can be paid upfront, annually, bi-annually, quarterly, or monthly and the product is available for policy durations of 6, 9, 12 and 15 years only, adding that the minimum sum assured is one million naira, while the maximum age of entry is 64 years, with three percent payable bonus on maturity.
Jimoh underscored that the Flexi plan boasts a waiver of premium option in the event of a policyholder being diagnosed with a critical illness or experiencing a permanent disability. This feature ensures that policyholders continue to receive the benefits of their insurance even when they might not be able to pay the premiums.
Furthermore, she explained that the Flexi plan offers a loan facility equivalent to 70 percent of the surrender value, provided the policy has been in force for at least two years.
