By Olusegun Elijah
WorldStage– Cornerstone Insurance Plc, a Nigerian general insurance company, listed on the Nigerian Exchange Ltd, said its Maximum Investment Plan, a long-term savings and protection product, will provide policyholders with a lump sum and life cover benefits at maturity.
According to the insurer, the plan, a hybrid financial product, will also help individuals build discipline in savings while earning guaranteed returns over a fixed period.
The product targets policy holders below 60 years, and requires a minimum policy duration of five years.
It offers a guaranteed interest rate, which the insurer may review, policyholders receive on successful payment through ATM cards or bank transfers.
Policyholders can also access a loan of up to 70 percent of their fund balance to meet urgent financial needs. The plan also features surrender and paid-up value options, giving flexibility in cases of early withdrawal.
At maturity, policyholders may receive a lump sum representing their accumulated account balance, or choose an annuity option for long-term income.
In case the holder dies during the policy term, their beneficiaries receive a one-off life cover sum of N150,000, in addition to the accumulated fund balance.
The Plan also supports education funding, home ownership, business development, retirement planning, and other life goals.
The insurer said the plan also becomes a tool for those approaching financial institutions which usually demand collateral.
