Cornerstone insurance gives N6 million bonuses to customers

Cornerstone Insurance Plc, has given out over N6 million as ‘Takaful’ 2015 surplus distribution to over 200 customers who are subscribers of the products under the ‘Halal Takaful’, an Islamic insurance window of the company.

The beneficiaries are mainly those who have had no claims over the years on motor insurance, and it is meant to reassure them that they can also benefit from their insurance policy even when they have no claim.

While making the presentations of the physical cheques of various sums to the beneficiaries, the Group Head, Halal Takaful Nigeria, Thaibat Adeniran, explained that the forum is one of the means of appreciating the customers and to ascertain from them the challenges they encounter.

She said the beneficiaries included those who had made claims and those without claims over the years. She explained that the distribution of the surplus bonus distinguished the ‘Takaful’ from the conventional insurance principle, which makes it difficult for those without any claim not to get anything at the end of the year policy.

According to her, “Apart from participants who are in the scheme, we equally invited other potential customers so that they can see the essence of the ‘Takaful’ and the products it provides for them. We also use this to appreciate those who have not had any claim over the years.”

However, she noted that the business had not been a bed of roses but had challenges such as lack of awareness, as most people are not abreast with the benefits of the scheme and what advantages it offers to them over the conventional insurance schemes.

Adeniran further allayed the fears of the public, saying that ‘Takaful’ is not restricted to any religious group but open to everybody.She appealed to the Federal Government to initiate processes of creating awareness to deepen insurance penetration in the country, pointing out that presently, the penetration is less than two per cent.

Furthermore, she decried that fake insurance practitioners are doing a lot of havoc in the industry, and urged the government to come up with stiff penalties to punish culprits.

Also speaking, a member of Advisory Council of Experts on Halal Takaful Nigeria, Muhammadu B. Hussaini, explained that the bonus payments were made to convince those who find it difficult to believe that one can still benefit from an insurance through bonuses even without making any claim.

He said: “Takaful business model eliminates the elements of uncertainty and chance, the twin concepts of which conventional insurance thrives on. Therefore, these two elements are the core differences in the operations of conventional insurance and Takaful.”

He assured motorists and business owners that Halal Takaful Nigeria has all it takes to deliver on motor covers in which they can benefit handsomely with claim settlements and bonuses.