Cornerstone Insurance Introduces Four New Products, Aims To Improve Financial Inclusion Of Individuals

Cornerstone Insurance Introduces Four New Products, Aims To Improve Financial Inclusion Of Individuals
Cornerstone Insurance Introduces Four New Products, Aims To Improve Financial Inclusion Of Individuals

With the goal of improving insurance penetration, savings culture, and financial inclusion of individuals shut out of the financial system, Cornerstone Insurance Plc has introduced four new products.

The insurer has introduced Cornerstone Rest (C-Rest), Flexi, Clip, and Oga Boy in order to achieve this goal. The head of Cornerstone Insurance Plc’s Life Technical Unit, Muibat Jimoh, stated that the products were intended to improve Nigerians’ savings habits and boost their insurance subscriptions during a press conference held over the weekend at the company’s head office in Victoria Island, Lagos, to unveil the new offerings.

To the local and national brand, said that Cornerstone Rest (C-Rest) gives people the opportunity to increase their savings with additional free life insurance coverage. In addition to guaranteeing the payout of their funds at the conclusion of the contract, the policy also provides their loved ones with a strong level of protection known as “the Sum Assured.” According to her, the sum assured is typically a set amount paid to a designated beneficiary at the end of the policy contract term in the unfortunate death of the policyholder. She also mentioned that the policy is a savings policy combined with life insurance, with single or regular premiums payable and a minimum term of one year and a maximum term of ten years.

According to Jimoh , “The minimum entry age is 18 and maximum age is 65 and minimum investment contribution is N3,000 monthly as the contributions can be increased at any time during the lifetime of the policy. The free life cover starts from N36,000 annual premium and above, while waiting period of three months from policy inception date for death benefit, even as the death benefit is paid to the beneficiary on death of the policyholder before policy expiration and total investment and accrued interest on the policy will be payable to the policyholder at the end of the policy.” She explained that the Cornerstone Flexi plan is an endowment policy that provides a lump sum payment upon contract maturity or the policyholder’s death. Its flexibility allows people to pay the premium in advance on a yearly, biannual, quarterly, or monthly basis. The policy is also obtainable in terms of benefits payments to beneficiaries, which can be made at the end of the policy term, quarterly, or at the second quarter.

Continuing, she also mentioned that premiums can be paid upfront, annually, biannually, quarterly, or monthly, and that Flexi is only available for policy durations of 6, 9, 12, and 15 years. The minimum sum assured is N1 million, and the maximum age of entry is 64. Policyholders can access loan options up to 70% of the contract’s surrender value as long as the policy has been in effect for at least two years.

She stated that in the event of the policyholder’s death during the duration of coverage, their dependents are safeguarded by the Cornerstone Life Insurance Plan (CLIP), a term assurance plan. Giving an instance, she further said, “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 N2 million based on the premium paid by the policyholder. The premium is paid up-front; policy duration is one 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.”

She emphasised that the Oga Boy product is an apprentice savings plan with an i-Save-like term life insurance policy and a maximum savings length of two years. She underlined that the product is intended for traders who have apprentices working for them for a predetermined amount of time in exchange for payment when the trainees’ employment is completed. It’s crucial to remember that, unlike the other products on the list, the Oga Boy plan isn’t brand-new; rather, her insurer is only reintroducing it with some updated features.

One-time (upfront) risk premium payment for a two-year life insurance cover; a minimum monthly savings of N5,000.00; possibilities for a death benefit starting at N100,000.00 and going up to a maximum of N1 million; SDR+1 percent interest rate. These are just a few of the advantages she provided for the programme.

Prior to this, Tunde Lawuyi, Head of Product Development & Channel Innovation at Cornerstone Insurance Plc, encouraged the public to use the company’s goods to accumulate wealth, use the app to learn more about the products the company offers, and use these innovations to plan their families’ and enterprises’ futures.

Speaking on the company’s app, Cornerstone Insurance Plc’s chief technology officer, Dan-Olufemi Olayinka, stated that the app aims to address service excellence, simplicity, convenience, and ease of doing business by putting Cornerstone product information, purchase, and payment at the customer’s fingertips.

Declaring that retail and individual customers are the product/app’s target market, he went on to say that the app improves insurance services’ availability whenever, any day of the week, without requiring a customer to visit one of Cornerstone’s branches; it also guarantees policy management, allowing customers to access insurance documents they have purchased via the app whenever they want; and it uses existing data to expedite data requests from clients, reducing the turnaround time for customer engagement.