Cornerstone Insurance Launches Four New Products To Increase Access To It’s Operations
From left: Chief Technology Officer Cornerstone Insurance Plc, Dan-Olufemi Olayinka; Head, Life Technical Unit, Muibat Jimoh and Head, Product Development & Channel Innovation Tunde Lawuyi at the unveiling of four new products in Lagos on Wednesday, May 29, 2024.
To enable members of the public have all round the clock access to it’s operations at the comfort of their homes or offices, the leading insurer, Cornerstone Insurance Plc, has unveiled a new application and four new products, namely: Cornerstone Rest (C-Rest); Flexi; Clip and Oga Boy.
Speaking on the App and the products at a press conference to formally unveil the App and the products in Lagos yesterday, Head, Life Technical Unit, Muibat Jimoh, said the App would enable the public have all round the clock access to the firm’s operations at 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, stating 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”.
“This sum assured is usually a fixed amount within the policy contract term paid to a named beneficiary in the policyholder’s unfortunate demise,” she explained.
She said the products are all need based, providing solutions across wealth creation, retirement savings, children education funding and financial settlements for apprentice, adding that it is a savings policy bundled with life insurance; single or regular premiums payable; policy duration is a minimum term of one year and a maximum term of 10 years.
The minimum entry age, she said is 18 and maximum age is 65 and minimum investment contribution is N3,000 monthly, adding that contributions can be increased at any time during the lifetime of the policy.
According to her, 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.
She noted that 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 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 per cent charge for Year 1, 50 per cent for Year 2, 20 per cent for year 3, and then 10 per cent for the 4th year.
The Cornerstone Flexi plan, she said, 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.
“The premiums 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.
“The minimum sum assured is one million Naira, while the maximum age of entry is 64 years, with three per cent 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 per cent of the surrender value provided the policy has been in force for at least 2 years,” Mrs. Jimoh further explained.
On the benefits, she noted that the sum assured and accrued bonuses will be paid to the beneficiary or legal representative in the event of death before maturity, stressing that after two years, the policyholder can use the loan option.
