Determined to intensify insurance penetration in the country, an underwriting firm, Cornerstone Insurance Plc, has created new innovative products that can be easily accessed through its tech Apps.
The underwriter at the official introduction of the three new insurance products called C-Rest, FLEXI and CLIP as well as the re-introduction of the ‘Oga Boy’ plan, held in Lagos, expressed its commitment to creating wealth for Nigerians through the new retail products.
Speaking on the benefit of the new offering, the Head of Life Technical Unit, Cornerstone Insurance, Muibat Jimoh, said that the Cornerstone Rest (C-REST) allows individuals to grow their money with added free life insurance cover and Cornerstone savings plan.
Jimoh said customers would also receive guaranteed disbursement of their money at the end of the contract. The policy also shields policyholders’ loved ones with a solid protection called ‘the Sum Assured’.
“The sum assured is usually a fixed amount within the policy contract term paid to a named beneficiary in the policyholder’s unfortunate demise,” he said.
Also commenting 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.
“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,” he said.
Speaking on Cornerstone Life Insurance Plan (CLIP), Jimoh said it was a term assurance product 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 was an apprentice savings scheme with a two-year maximum savings and an accompanying term life insurance cover like i-Save.
“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 is important to note that the ‘Oga Boy’ plan is not a new product like the rest on the list. We are merely re-introducing it to the market with some new modifications.”
