Lagos, Nigeria. Wednesday, August 19, 2020. Noor Takaful, the main Islamic Insurance coverage company in Nigeria, for the second one consecutive 12 months, has introduced the distribution of surplus (cashback) fee price over fifteen million Naira to members (policyholders) who didn’t make claims as a part of efforts aimed toward selling moral insurance coverage in Nigeria.
The corporate has additionally introduced the release of its cellular app to make its services extra obtainable to the retail marketplace.
The excess fee which comes on account of the Win-Win type of insurance coverage operated by means of Noor Takaful, an indigenous insurance coverage corporate authorized by means of Nationwide Insurance coverage Fee in 2016 prospers at the pool of price range supplied by means of the members (insured) which is controlled by means of the Takaful operator.
This 2d batch of fee is a rise from 12million naira disbursed in 2019 to policyholders who didn’t make declare in that pertaining 12 months.
It will be recalled that the excess fee embarked upon by means of the corporate kick-started in April 2019 following approval from NAICOM, the business regulator.
Takaful is the Non-Pastime finance insurance coverage marketplace that seeks to achieve a big marketplace of uninsured Nigerians chopping around the six geo-political zones of the rustic.
Talking right through the development hung on Wednesday, August 19, 2020, in Lagos, the Chairman of the corporate, Ambassador Shuaibu Ahmed famous that the excess prolonged to members demonstrates the dedication of the corporate to encouraging Nigerians to be a part of Takaful insurance coverage marketplace in addition to advertise monetary inclusion within the nation.
In line with Ahmed, this surplus distribution would move an extended technique to additional deepen penetration of insurance coverage within the Nigerian marketplace as Nigerians would now be extra prepared to subscribe to insurance coverage given the truth that this phase of the marketplace is thought of as moral and rewarding.
“Unquestionably, this concept of giving one thing again to policyholders would naturally force passion for insurance coverage as Nigerians would now be much less skeptical about getting concerned. Surplus fee is additional evidence that insurance coverage can also be achieved reasonably and ethically”, he mentioned.
He famous that the excess providing was once designed to permit policyholders to revel in some advantages particularly when claims have now not been made all through the 12 months mentioning that no such insurance coverage bundle gives such receive advantages.
In his remarks, Appearing Managing Director of the corporate, Aminu Tukur mentioned that the distribution of surplus to policyholders has persisted to function a large pull for the Takaful insurance coverage marketplace with members now expanding day-to-day.
“The excess fee to policyholders stems from our Win-Win insurance coverage type and this has served as a large pull for us at Takaful as we stay recording an building up within the numbers of members day-to-day”, Tukur mentioned.
Tukur additional wired that policyholders would proceed to make the most of surplus fee once a year, only if there aren’t any claims to take the entire cash within the possibility fund.
Whilst urging Nigerians to make the most of the chance, he described Takaful as a canopy that may be explored by means of people or organizations in numerous sectors of the financial system because it promises insurance coverage in opposition to losses and different attendant dangers.
Talking additional on probably the most merchandise in addition to manner devised by means of the corporate to switch the narrative within the business, Head, Industry Building & Gross sales, Noor Takaful, Mr Rilwan Sunmonu mentioned that it has turn out to be crucial to brush aside the perception that its merchandise are strictly for Muslims including that non-Muslims too can get right of entry to it.
“This corporate prides itself as a customer-focused group that has invested in generation to make certain that the desires and expectancies of our members specifically within the house of claims are met on a well timed foundation. Within the closing 4 years, the industry and consumer base has persisted to develop for each company and retail sector,” Sunmonu famous.
Sunmonu restated the truth that Takaful stays the one phase of the insurance coverage business this is premised on fairness and equity because it gives true worth for the cash invested.
About Noor Takaful
Noor Takaful Insurance coverage Ltd, an insurance coverage company, was once established and duly authorized by means of NAICOM in April 2016 as the primary full-fledge composite takaful insurance coverage operator in Nigeria with a 100 consistent with cent indigenous Nigerian shareholding. The corporate lately performs the pioneering and main function in unlocking takaful insurance coverage doable for Nigeria. Its operational framework is regulated by means of NAICOM and could also be matter to the provisions of the Insurance coverage Act 2003.