We are pleased to introduce to you our individual life products, which we believe, will be of immense benefit to you and your clients.
Individual Life products are designed for individuals whether self employed or working in paid employment. The plan encourages long-term savings/protections targeted towards future needs, which may range from income in retirement to capital build up for business and protection for ones family.
The features and benefits of the plans are stated below:
The product provides monetary estate for the immediate family of the planholder following his death.
Features
Option 1- Flat sum assured of =N=1.5million
- Annual premium payable of is determined by the applicable rate as per attached
- No medical examination required
- Minimum age at entry of 21 and maximum age of 50 years
- Health declaration form will be completed by proposed life assured.
Option 2
- Assured chooses any Sum Assured above N1.5million
- Annual premium payable of is determined by the applicable rate as per attached
- Premium is payable annually or half-yearly
- Sum Assured above =N=2,500,000.00 attracts medical examination
- Minimum age at entry of 21 and maximum age of 50 years
- No medical Examination required for sum Assured below N2.5m
- Health declaration form will be completed by proposed life assured.
Benefits
- For option 1, =N=500,000 lump sum is payable within one week of death (subject to submission of relevant death supporting documents)
- Balance of =N=1,000,000.00 to be spread quarterly (=N=50,000.00) over 5 years for the named beneficiary
- For option 2, 1/3 rd of assured sum becomes payable while the balance is paid in quarterly installment over five years
- Policy can be used as collateral security
- The policy is tax exempt
- Guaranteed appreciable estate to the family of the deceased
- Free Burial Expenses to the tune of N100,000.00
CORNERSTONE CHILDREN EDUCATION PLAN (CHEF)
The policy ensures the continuous education of a child either during the lifetime or at the death of the parent/guardian of the child. This has become necessary now when the cost of education has become so high and unaffordable.
Features/ Benefits
- Optional annual investment of =N=30,000.00, =N=50,000.00, =N=100.0000.00, others (specify) _____________________
- Life cover equals Annual premium multiplied by tenor
- Optional policy tenor of 6, 8, 10, 12. Others (specify) years since it is an educational policy
- Surrender of policy is allowable only at the expiration of 3 years of the policy subject to payment of 36 Months premium
This is a three-payment plan policy designed to encourages early cash payment of benefit, while the actual sum assured becomes payable either as a whole at death or 50% of sum assured at maturity.
Features
Option 1:
- Cornerstone flexi pays the sum Assured in three installments The first installment of 25% of sum assured is paid at the end of 1/3 of the term of the policy
- The second installment of 25% of sum assured is paid at the end of 2/3 of the term of the policy
- The final installment of 50% of sum assured plus accrued bonuses is paid at maturity i.e. end of the term of the policy
Option 2:
- Cornerstone flexi pays the sum Assured in three installments The first installment of 25% of sum assured is paid at the end of 1/3 of the term of the policy
- The second installment of 25% of sum assured is paid at the end of 2/3 of the term of the policy
- The final installment of 100% of sum assured plus accrued bonuses is paid at maturity i.e. end of the term of the policy
General Features
- Premium remain the same throughout the term of the policy
- The investor is free to choose the term suitable with his/her dream plan. (9, 12, 15, 18, or 21 years).
- Frequency of payment (options are annually, half yearly, quarterly) Monthly option is by direct debit system
- Policy can be surrendered after 2 years or payment of 24 Months premium subject to charges
Benefits
- A reversionary bonus will be declared regularly and shall be paid in addition to the sum assured at maturity.
- It allows installment payment for any desired project of the assured
- Tax rebate on your investment
- Irrespective of early cash payment, the full Sum Assured still becomes payable at death within policy term.
CORNERSTONE FORESIGHT PERSONAL PENSION PLAN
Foresight is a personal pension plan, which enable individuals plan for his/her retirement while at the same time making adequate provision for his/her family in the event of death. It is a saving for the raining day kind of plan and can be converted to annuity.
The product is designed with emphasis on payment of school fees in the event of death of parent or guardian of a ward for the remaining part of the child’s education to a particular level; Putting into consideration an affordable premium payment that would not necessarily require the approval of parents for school to adopt.
- Schedule of premium and benefit per levels of education is prepared as shown below.
- Premium is relatively low and affordable
- An average age was used in determining premium computation
- The policy will be sold through the school management rather than through the P. T. A.
- Premium will form an insignificant part of school fees.
- The policy shall cover death whether natural or accidental
- It shall also cover Permanent Disability
Features/ Benefits
- Sum Assured shall be the school fees of each pupil/student. See example as tabulated below
- Basic Annual school fees
- Cost of boarding / feeding per annum
- Annual cost of books and other educational materials
- Cost of replacing school uniform
- Other annual ancillary charges
- Duration shall be the number of years to be spent in school e.g. six years for primary and also six years for secondary
- No medical examination is required
- Premium Payable shall be flat rate based on Sum Assured (school fees) applicable
- Premium shall be paid alongside school fees
- School fee of a child whose parent/guardian dies is guaranteed throughout the remaining school program
- School fee of a child is also guaranteed as a result of Total Permanent Disability of the parent/guardian.
The tax rebate enjoy under this policy will significantly reduce the annual tax deduction from member’s salary, as a certificate will be prepared annually reflecting the annual premium payable on his life policy and this will be presented to Inland Revenue for tax reduction.
CORNERSTONE UNIVERSAL POLICY (CUP)
This policy was designed to cut across all divides and interests where the Assured can determine the level of investment and death benefit for his retirement and protection for his family respectively.
Features/ Benefits
- Optional annual investment of =N=60,000.00, =N=90,000.00, =N=120,000.00 Others (specify) ___________________
- Inured has the option of choosing how the premium should be allocated between investment and life cover
- Split of premium between Investment and Life cover options
- 95% Investment and 5% Life cover
- 90% Investment and 10% Life cover
- 85% Investment and 15% Life cover
- Minimum tenor of policy is 7 years
- The minimum life cover is N500,000 whilst the maximum amount is N5 million
- The policyholder will be restricted to a maximum life cover during the policy the policy duration of twice the sum assured chosen at inception.
- Surrender of policy is allowable only at the expiration of 3 years of the policy subject to payment of 36 Months premium
The sum assured plus accrued bonus under this policy becomes payable at the death or at maturity date of the policy. It should be noted that bonuses are not guaranteed and can only apply where the life fund performance is positive.
Features:
- The sum assured is payable at maturity or at death whichever comes first
- Bonus are added on annual basis
- Could be with profit or not
- Provision for surrender and paid-up
Benefits:
- Sum assured is guaranteed at death or survival
- Provides capital for setting up a business
- Could be set up for the purpose of children education.
GROUP LIFE ASSURANCE SCHEME (DEATH -IN-SERVICE)
This scheme is arranged to pay a benefit called the sum assured, which is a lump sum payment, to the dependants of an employee who dies whilst in the service of the employer. This scheme is renewable annually.
The benefit purchased is in multiples of the employees’ total annual emoluments, e.g. where an employee’s total annual emoluments is N1, 000,000.00 and the scheme is purchased to pay 5 times the total annual emoluments, then N5, 000,000.00 will become payable to the dependant of the employee in the event of death (whether natural or accidental). The cost of the scheme, the premium, is very affordable and it is calculated upon the age and sum assured of each employee.
PROVISION OF THE 2004 PENSION REFORM ACT – SECTION 9(3)
Every employer of labour with minimum of five employees is expected to maintain a life assurance policy in favour of each employee for a minimum amount called the sum assured, which shall be, at least, three times the total annual emoluments of the employee. The composition of total annual emoluments shall be basic, housing and transport allowances.
BENEFITS:
- The sum assured becomes payable only at the death of the employee during service with the employer.
- Group personal accident may be included as rider if required.
Required Information
To enable us do the appropriate costing, we would require the following data of all the employees who are to be covered under the scheme:
1.Name
2. Sex
3. Date of birth
4. Total Annual Emoluments
5. Normal Retirement Age
6. The Commencement date of the Scheme
7. Multiples of Total Annual Emoluments required
This policy provides cover against the loss of profits or financial loss a company may suffer on the death of a key employee that is critical to the continued existence of the company. The policy is designed to cover the following risks:
- Death by Accident, or
- Death by any cause, or
- Death by any cause with an extension of critical illness including but not limited to stroke, kidney failure e.t.c.
The following are typical situations that could require a key person policy:
- A controlling person upon whose existence the repayment of a credit facility extended to a company may depend. In this case a bank will often insist on life cover as a condition for the loan.
- The founder of small companies who may have built it up from nothing and who still provides most of its impetus. In case, the company might not be able to survive at all after his death.
- An engineer, who is vital to a particular project because of his detailed knowledge. The loss of this knowledge might necessitate the cancellation of the project.
- A top executive who has been recruited as a result of an expensive ‘head hunting’ operation. If he was expensive and difficult to recruit, then finding a worthwhile successor will also be expensive and difficult.
Benefits:
- Lower premium is used to buy a large sum assured.
- Save the company the embarrassment of early exit of an important figure or personnel.
- Provision for combining health insurance option.
Mortgage Protection Assurance is a reducing Term Assurance policy which guarantees the payment of balance outstanding in respect of the loan given by a financial institution (Mortgagee) to a Life Assured (Mortgagor) should he die before the loan is fully repaid provided of course, the repayments under the loan are not in arrears. The policy covers death only. That is, if the Life Assured survives the chosen period, no benefit will be paid. The premium is determined by the amount of loan, Age of the Assured, Duration or Term of the policy and the Interest charged. The premium could be paid annually or singly.
Features:
- The policy covers death only
- No payment is made if the assured survives the period or as a result of absconment, or non fulfillment of promise as to mode of repayment
- Interest rate determines the premium and the reducing sum assured
- No provision for surrender or loan
Benefits:
- The policy guarantee a sum assured which should be sufficient to repay the outstanding loan at any time during the currency of the policy.
- Protects ones estate and property
- Saves the family from embarrassment of the deceased’s property being impounded by the lender.
Features:
- The sum assured is payable only in the event of death during the period of the assurance.
- In case the assured survives the duration no benefits are payable
- The premiums are payable for the specified terms or till death if earlier
- Provisions regarding surrender, paid-up and policy loan are not applicable
Benefits:
- Lower premium is used to buy a large sum assured. Lower than other products
- Could be used as collateral security while borrowing.
- Create estate for the offspring of the deceased and makes life more enduring and comfortable.
This policy provides capital sum payable to the dependants in the event of untimely death. It provides cover for the whole life though premium payments can be arranged to cease about the time the policyholder’s income can be expected to diminish at the end of his working life. Policies are issued with or without profits.
Features:
- The sum assured is payable only at death of the life assured to his designated beneficiaries
- Premiums are payable until death of life assured
- No surrender or policy loan
- Could be with profit or not depending on the assured preference
- Premium payment could be limited to certain age.
Benefits:
- The policy offers the possibility of obtaining a large amount of protection for a comparatively small premium
- Could be used as collateral security.
- Creates large estate for the family left behind – a such of relief.
While we hope you will find the above in order, please don’t hesitate to get in touch if further clarification is required on the products. We offer our services 24 hourly and you may contact us on any of these lines: 4715698, 7730680.