‘Insurance consumers can get back part of their premium in the absence of claim’

By ROSEMARY ONUOHA

Individuals who are skeptical about continuously paying premium for insurance products and not getting anything back can benefit from Takaful insurance going forward.

This is because consumers of Takaful insurance can get back part of their premium in the event of no claim at the end of the business year.

Head of Halal Takaful Nigeria, HTN, Hajia Thaibat Adeniran who made this assertion noted that with Takaful insurance, a company will share the surplus bonus to customers who had no claim at the end of a business year.

Adeniran revealed that HTN, which is the Islamic insurance window of Cornerstone Insurance Plc, paid over N6.5 million as surplus bonus to some of its customers for the 2015 financial year.

She said that HTN is the first Takaful operator in Nigeria to have a public distribution of its surplus bonus to customers which is in-line with the principles of Takaful.

She said that the purpose of the Takaful surplus distribution was to present surplus bonus to customers in appreciation of their patronage and loyalty over the year, adding that it is also in fulfillment of one of the key attributes of Takaful (Islamic insurance) general business to customers who have no claim on the general insurance product covered within the period under review.

According to her, the purpose is also to activate public trust and believe in Takaful insurance services in Nigeria; to help promote financial inclusion and deepen insurance penetration in the society, as well as to engage both customers and prospects on how Halal Takaful Nigeria could service them better.

Adeniran said that Takaful is centred on transparency of five pillars – piety, brotherhood, charity, mutual guarantee, and community welfare. While the pillars have come from Islamic values, it applies to anyone of any class or creed.

“Halal Takaful Nigeria is the pioneer composite Islamic insurance company in Nigeria. The company is licenced by National Insurance Commission (NAICOM) to provide family Takaful business (Islamic life insurance business), general Takaful business (Islamic general insurance business), and investment management solutions. The classes of insurance business we currently undertake include motor insurance (Sayaro Takaful Scheme), fire & allied perils (Al-NarrwaSarkhot Takaful Scheme), property insurance (Al-Mansil Takaful Scheme), good in transit (BidohatNakil), Hajj &Umra plan, educational plan, family plan, marriage plan, credit plan among others.

“The parent company, Cornerstone Insurance has an authorized share capital and market capitalization of N7.5 billion and N5 billion respectively, while the shareholders’ funds is N8.045 billion as at December, 2015. The total asset of the company is in excess of N15.38 billion,” Adeniran stated.

 

 

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