Cornerstone Insurance Launches Products, Mobile App

Harboursandport.com: Lagos - Cornerstone Insurance Plc has introduced three new products into the Nigerian market which are C-Rest, FLEXI, and CLIP.

The company also re-introduced the ‘Oga Boy’ plan which is a settlement product for apprentice and also launched its mobile app.

Speaking at the event at the Company’s head office in Lagos, Head, Life Technical Unit, Muibat Jimoh explained that the C-REST is a savings plan for all classes of individuals which allows individuals to grow their money with added free life insurance cover.

From left: Dan-Olufemi Olayinka, Chief Technology Officer; Muibat Jimoh, Head, Life Technical Unit; and Tunde Lawuyi , Head, Product Development & Channel Innovation, all of Cornerstone Insurance Plc at a press briefing to announce the company’s new products in Lagos. 

She said: “Not only do you receive guaranteed disbursement of your money at the end of the contract, the policy also shields your 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.”

According to her, features of the product include 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 etc.

On the FLEXI plan, Jimoh said that it is an endowment policy that offers a lump sum amount on maturity of the contract or death of the policyholder.

She said: “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% of the contract’s surrender value, so long as the policy has been operational for at least 2 years.”

On the CLIP plan, she stated that 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.

“The Oga Boy plan as its name implies is an apprentice savings scheme with a 2-year maximum savings duration 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,” Jimoh said.

Meanwhile, Chief Technology Officer, Cornerstone Insurance, Dan-Olufemi Olayinka stated that the mobile app seeks to address service excellence, simplicity, convenience and ease of doing business with Cornerstone in terms of product information, purchase and payment.

He said that the benefits to customers include availability of insurance services anytime, any day of the week without going to any of their branches, as well as policy management whereby a customer can retrieve documents of insurance purchased via the app at anytime.