Niger Insurance Launches Mutual Halal Policy In Lagos

NIGER Insurance Nigeria Plc has counseled members of the public to embrace takaful insurance as the National Insurance Commission (NAICOM) is striving to ensure that all adults in Nigeria are adequately protected by insurance.

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The company’s Managing Director, Kolapo Adedeji, made this call during a chat with journalists in Lagos recently, said that Niger Insurance has a policy called Mutual Halal Plan which is based on this Islamic profit sharing and reciprocal guarantee principle of al-takaful.
As part of NAICOM’s ongoing pursuit to increase insurance penetration in the country and increase the contribution of insurance to the national GDP, the need for Takaful-Insurance was identified following detailed research.
He explained that Mutual Halal is a life insurance scheme with a savings and investment plan designed for muslims and other interested parties in the country.

While Mutual Halal aims at encouraging Muslim brother and sisters to save and mobilise fund to meet the financial obligations involved in performing certain religious rites without subjecting themselves to financial hardships, he emphasised that non Muslims can also purchase the Life Insurance policy.
Under this Life Insurance plan, the policyholders can save regularly for a period that is convenient for them and the accumulated amount can be used to finance religious obligations such as performing Hajj, buying of ram for Sallah, Marriage, he noted.
Besides, Adedeji pointed out that the policy could also be used to meet other medium and long term financial obligations such as retirement, purchase of land or house, self and children’s education, travelling expenses as well as unexpected commitments.
In this regard, he said there is a marriage plan (Al Nikah) designed to make sure that people can make their dream about matrimonial bliss come true, while there is a mortgage plan (Al Binau) which offers policyholder the life-time opportunity to own a home of his own.
Additionally, there is a pilgrimage plan to enable people fulfill the vital religious obligation of going to mecca in a stress-free manner, people can use sallah plan for the celebration, while education plan (Al-Tadris) is designed to help people bequeath this legacy to their children and there is a retirement plan (Waqifl’amal) to help people look forward to a life of basic comfort in retirement.
The Niger Insurance boss further explained how the plan works saying the installment paid by the participants are credited to a special fund which is segmented into two accounts, namely the participant’s accounts and the participants special account.
He added that a substantial portion of the installment is credited to the participants account for the purpose of savings and investment, while the balance is credited to the participant’s special account purposely to the heirs of participants who may die before the maturity date of the Life Insurance policy.

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