Cornerstone Insurance launches products to boost savings, provide protection
L-R: Divisional Head, Brands, People and Culture, Wema Bank, Ololade Ogungbenro (Left); Head of Lagos office, Federal Competition & Consumer Protection Commission, Susie Onwuka; Senior Legal Officer, Lagos State Lottery and Gaming Authority, Oyinkan Williams; Assistant director, National Lottery Regulatory Commission Lagos Zonal Office, Olusola Ogunbode and Divisional Head, Retail and SME, Wema Bank, Ayodele Olojede at the Wema 5 for 5 Promo Season 3 grand finale in Lagos today, Friday.
Cornerstone Insurance launches products to boost savings, provide protection
Nike Popoola
Cornerstone Insurance Plc has expressed its commitment to creating wealth for Nigerians, and providing products to protect lives and properties through the launch of its innovative products that can be easily accessed through its tech Apps.
The underwriting company officially introduced three new insurance products to the Nigerian market which consist of C-Rest, FLEXI, and CLIP, and re-introduced the Oga Boy plan (Settlement for Apprentice), at its head office in Lagos on Wednesday.
While presenting the Cornerstone Rest (C-REST), the Head, Life Technical Unit, Cornerstone Insurance Plc, Muibat Jimoh, noted the product has carved a niche for itself among its peers.
As currently the most embraced Cornerstone savings plan for all classes of individuals, she said, C-Rest allows individuals to grow their money with added free life insurance cover.
Explaining further, she said, “Not only do they receive guaranteed disbursement of your money at the end of the contract, the policy also shields their loved ones with a solid protection called ‘the Sum Assured’.
“This sum assured is usually a fixed amount within the policy contract term paid to a named beneficiary in the policyholder’s unfortunate demise.”
Speaking on the Flexi product, she said it is an endowment policy that offers a lump sum amount on maturity of the contract or death of the policyholder.
The product’s flexibility, she added, makes it easy for individuals to pay the premium upfront, either annually, bi-annually, quarterly, or monthly.
She said, “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.
Speaking on Cornerstone Life Insurance Plan (CLIP), Jimoh said it is a term assurance product which was designed to protect the livelihood of the insured’s dependents in the event of his/her demise within the period of cover.
She said, “For example, if you purchase this policy, your dependents or loved ones receive financial support to help them with life in your absence. Dependents can receive up to N2m based on the premium paid by the policyholder.”
While explaining the Oga Boy product, she said, it is an apprentice savings scheme with a two-year maximum savings duration and an accompanying term life insurance cover like i-Save.
According to her, “This product is targeted at traders with apprentices working under them for an agreed period, with the promise of compensation at the end of their service.
“It’s important to note that the Oga Boy plan isn’t a new product like the rest on the list. We are merely re-introducing it to the market with some new modifications.”
Chief Technology Officer Cornerstone Insurance Plc Dan-Olufemi Olayinka, said the company was making insurance easily accessible to Nigerians through its Apps.
The Head, Product Development & Channel Innovation, Cornerstone Insurance Plc Tunde Lawuyi, urged Nigerians to take the policies as they have huge benefits.
More details on the products
Cornerstone Rest (C-REST)
Features
Savings policy bundled with life insurance.
Single or regular premiums payable.
Policy duration is a minimum term of one (1) year and a maximum term of ten (10) years.
Minimum entry age is 18 and maximum age is 65.
Minimum investment contribution is N3,000 monthly.
Contributions can be increased at any time during the lifetime of the Policy.
Free life cover starts from N36,000 annual premium and above.
Waiting period of three (3) months from policy inception date for death benefit.
Benefits
Death benefit is paid to the beneficiary on death of the policyholder before policy expiration.
Total investment and accrued interest on the policy will be payable to the policyholder at the end of the policy.
The life cover is based on the range of monthly contributions.
Interest rate: SDR + 1.
The surrender period carries a fee of 100% charge for Year 1, 50% for Year 2, 20% for year 3, and then 10% for the 4th year.
FLEXI Product
Features
Premiums can be paid upfront, annually, bi-annually, quarterly, or monthly.
The product is available for policy durations of 6, 9, 12 and 15 years only.
The minimum sum assured is One Million Naira.
The maximum age of entry is 64 years.
3% payable bonus on maturity.
The policy also has a waiver of premium option if the policyholder is diagnosed with a defined critical illness or permanent disability.
The policy has a loan facility to the tune of 70% of the surrender value provided the policy has been in force for at least 2 years.
Benefits
The sum assured and accrued bonuses will be paid to the beneficiary or legal representative in the event of death before maturity.
After two years, the policyholder can use the loan option.
CLIP Product
Features
Premium is paid up-front.
Policy duration is 1 year.
The maximum age of entry is 64 years.
The minimum premium payable is N1,000.
Life cover minimum is N100,000 and maximum is N2 million per annum.
Benefit
When the assured dies, the beneficiary is paid a benefit.
Provides financial support to loved ones in the event of death.
Oga Boy
Features
One-off (upfront) risk premium payment for 2-year life insurance cover.
Minimum monthly savings of N5,000.00.
Options for the death benefit start from N100,000.00, up to a maximum of N1 million.
The interest rate is SDR+1%.
Benefits
Allows business owners an opportunity to save towards the “freedom” of their apprentices.
Creates short-term capital for future needs such as business start-ups, school fees, landed property, purchase of an annuity at retirement, savings towards pilgrimage and/or holidays, etc.
In the event of death, the account balance and sum assured are paid to the named.
Accrued interest will be forfeited upon withdrawal or termination if this happens within the first 12 months.
