Custodian Life Assurance Limited - Custodian Insurance Plc

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Custodian Life Assurance Limited

Who We AreBoard of DirectorsManagement Team

Who We Are

Custodian Life Assurance Limited (CLA) is a wholly owned Nigerian Company. (CLA) is a specialist life insurance company and a subsidiary of a wholly owned Nigerian Holding Company known as Custodian and Allied Plc.

CLA leverages on former Crusader Life Insurance Limited’s five decades of continuous experience in the life insurance business, with her array of experienced managers and a Board comprising individuals with proven track records in their various professions.

At CLA, the uniqueness of our service delivery is in our ability to provide fast, efficient and highly professional service to the market in which we operate. This we are able to achieve through the automation of our various lines of operation, thereby reducing processing time and ultimately acquiring the much desired competitive edge.

In addition, our products and operations are essentially market-driven with emphasis on providing a wide menu of option on policies, having paid due regard to production processes employed in various industries.

The Company is an efficient and fully automated company with a sharp focus on the retail and wholesale corporate client market.

OUR VISION

To be Africa’s Insurer of Choice.

OUR MISSION

CLA’S mission is to develop, and deliver innovative insurance products that best satisfy customer needs, whilst operating a highly profitable, efficient, resourceful and ethical organisation.

OUR GOALS

  • To position ourselves strategically in the market and be perceived as a modern, dynamic and resourceful underwriter.
  • To strike a fine balance between the businesses of sound underwriting, cost control and service on one hand and investment on the other.
  • To assemble a seasoned team of professionals who would, with the aid of modern information processing techniques, deliver qualitative, fast and efficient service to our select clientele.
  • To assemble a seasoned team of professionals who would, with the aid of modern information processing techniques, deliver qualitative, fast and efficient service to our select clientele.
  • To provide services that extend beyond national frontiers and ultimately establish and operate in the ECOWAS sub–region.

Board of Directors

The Board of Directors is made up of tested professionals and very successful business leaders in different sectors of the economy.

R. G. Asabia

Chairman
Mr. Richard Gboyega Asabia is the Chairman, Custodian Life Assurance Limited (CLA). A 1983 graduate of the London School of Economics (University of London) and 1989 graduate of the University of Wales, Cardiff, UK, he holds a Bachelors Degree in Law and a Masters Degree in Business Administration.

He is a qualified Barrister and a Fellow of the Chartered Institute of Stockbrokers. He served at various times as a Director on the Boards of First Interstate Bank Plc, Banque International Du Benin, Future Unity Glanvills Ltd and as Chairman, Crusader Nigeria Plc. He is Managing Director/CEO of Interstate Securities Limited and currently sits as a Director on the Board of CrusaderSterling Pensions Limited and as Independent Director of Unity Bank Plc.

O.B. Oshin

Director
Wole is the founder and Group Managing Director of Custodian and Allied Plc. Having graduated from the University of Lagos with a B.Sc. in Actuarial Science, Wole at various times worked at the National Insurance Corporation of Nigeria (NICON), Femi Johnson & Company Limited (Insurance Brokers) and Crusader Insurance Plc, from where he left to found Custodian in 1994.

Wole has over 26 years’ experience in Insurance Underwriting/Claims, Marketing and Investment. He serves on the Board of several companies and was on the Presidential Committee that set up the reforms in the Pensions Industry.

Wole is a past Chairman of the Nigerian Insurers Association, former Council member of the West Africa Insurance Institute (WAII), a member of the Council of the West African Insurance Companies Association (WAICA). He is a Fellow of the Chartered Insurance Institute of Nigeria and an Associate of the Chartered Insurance Institute, U.K. He is the first and only African and also a Director of the International Insurance Society (IIS) New York, the elite society of insurance companies worldwide.He is an alumnus of the Harvard Business School.

Larry Ademeso

Managing Director / Chief Executive Officer
Larry Ademeso graduated from the University of Lagos with a B.Sc. degree in Insurance in1992. He also obtained M.Sc. (Marketing) from the same University in 2001.

He started his career with Perpetual Assurance Limited in 1993 where he rose to the position of Branch Controller before moving to Custodian and Allied Insurance Limited in 2001 as the Head, Industrial Business Group and later became Head, Marketing and Sales.

Larry Ademeso joined Phoenix of Nigeria Assurance Plc. in 2005 as General Manager, Operations. Following the merger with Royal Exchange Plc. in 2007, he was appointed Group Head, Marketing/Sales, and subsequently as the Managing Director of Royal Exchange Prudential Life Plc. in 2009 and held the position till he joined Crusader Life Insurance Limited in 2011, as the Managing Director.

He is an Associate of the Chartered Insurance Institute of Nigeria and alumni of the Lagos Business School. He is also a member of the International Insurance Society.

Mr. A.O. Odunsi

Mr. Akintunde Owolabi Odunsi is a fellow member of the Association of Chartered Certified Accountants of England, an Associate member of the Chartered Institute of Accountants of Nigeria and a Fellow of the Chartered Institute of Stockbrokers. Mr. Odunsi attended the Polytechnic, Ibadan and City of Birmingham Polytechnic England (University of Central England). He has benefited from extensive training exposure at the New York Institute of Finance N.Y. U.S.A. and Bankers Trust Company, London, England.

He worked for some time at Union Bank of Nigeria Plc. before joining Interstate Securities Limited in 1985 and rose to the position of Chief Operating Officer of the Company before his retirement from day-to-day operations in 2013. He currently serves as a Director on the Board of Custodian Life Assurance Limited, a subsidiary of Custodian and Allied Plc, and as Chairman of Nosak Plastics Limited.

Mr. Ibrahim Dikko

Mr. Dikko obtained his LL.M [Corporate & Commercial Law] degree from the Queen Mary & Westfield College, University of London, England after obtaining his LL.B from the University of Buckingham, England. He was called to the Nigeria Bar in 1990.

He has worked in a variety of roles and industries that span corporate finance, banking and information technology and telecommunications.

He worked in Kenneth Michael & Co between 1991 and 1992 and was on the team responsible for setting up the first discount house in Nigeria as was chairman of the discount house from 2002 – 2012. He also worked an Executive Director in Resourcery Plc. from 2000 to 2007 and is currently Vice President (Regulatory & Corporate Affairs) with EMTS Ltd (trading as Etisalat Nigeria).

Chief (Mrs.) M Giwa

Chief Mrs. Giwa joined the Board at the inception of Custodian and Allied Insurance Plc. She is a businesswoman with experience in various sectors of the economy such as Oil and Gas, Real Estate. She sits on the Board of several other companies.

A.E. Falade

Adeniyi Falade graduated from the University of Ibadan with a Bachelor of Science degree in Chemistry. He holds an MBA from the University of Warwick, United Kingdom. He was the former Country Manager at Ecobank Development Corporation, and was also former Chief Executive Officer, Lead Capital Limited.

Mr Falade is a Fellow, Institute of Chartered Accountants of Nigeria and currently the Managing Director of Crusader Sterling Pensions, a subsidiary of Custodian and Allied Plc.

Management Team

The Management Team is made up of tested professionals and very successful business leaders in different sectors of the economy.

Larry Ademeso

Managing Director/Chief Executive Officer
Larry Ademeso graduated from the University of Lagos with a B.Sc. degree in Insurance in1992. He also obtained M.Sc. (Marketing) from the same University in 2001.

He started his career with Perpetual Assurance Limited in 1993 where he rose to the position of Branch Controller before moving to Custodian and Allied Insurance Limited in 2001 as the Head, Industrial Business Group and later became Head, Marketing and Sales.

Larry Ademeso joined Phoenix of Nigeria Assurance Plc. in 2005 as General Manager, Operations. Following the merger with Royal Exchange Plc. in 2007, he was appointed Group Head, Marketing/Sales, and subsequently as the Managing Director of Royal Exchange Prudential Life Plc. in 2009 and held the position till he joined Crusader Life Insurance Limited in 2011, as the Managing Director.

He is an Associate of the Chartered Insurance Institute of Nigeria and alumni of the Lagos Business School. He is also a member of the International Insurance Society.

Ngozi Nlebemuo

Executive Director

Mr. Ngozi Nlebemuo obtained his Bachelor of Science degree in Actuarial Science from the University of Lagos in 1991. He obtained the Masters of Business Administration degree from the University of Nigeria, Nsukka in 2005. He is an associate of the Chartered Insurance Institute of Nigeria, Chartered Institute of Stockbrokers, the Certified Pension Institute of Nigeria and the Nigeria Institute of Management (Chartered). He is also an alumnus of AMP of Lagos Business School.

He started his insurance career with Crusader Insurance (Nigeria) Plc in 1993 as an Assistant Superintendent in the department of Group Life and Pensions. He later rose to become the Manager, Group Life and Pensions. He left Crusader Insurance (Nigeria) Plc as the Head of Actuarial Services, Research and Product Development Department in 2001 to join Hallmark Assurance Plc as the Controller (Life & Pensions) where he rose to Assistant General Manager (Life Business Group).

Mr. Nlebemuo, a consummate life and pensions professional, returned Crusader Insurance (Nigeria) Plc in 2006 as the Deputy General Manager (Life Operations). He currently serves as the Chief Compliance Officer/Head Technical Operations of the Company.

Jelili Salami

Head, Group Life Operations

Mr. Salami graduated from the University of Lagos in 1990 with Bachelor’s degree in Actuarial Sciences. He also holds a Master’s degree in Management from the same University in 1996.

Before joining Crusader in 2007 as Controller, Group Life operations, he had worked with Guinea Insurance Plc., as Head, Motor department and also worked with NFi Insurance Company Limited as Manager, Life and Pension. In 2003, Mr. Salami joined UNIC Insurance as Senior Manager Life and Pensions.

He is an Associate member of the Chartered Insurance Institute of Nigeria and has had intensive technical and leadership programs.

Johnson Fatokun

Head, Finance & Accounts
Mr. Fatokun obtained his MBA from Lagos State University in 2008 and his NCE (Accountancy) from St Andrews College of Education in 1991.

Mr. Fatokun started his career at Fire, Equity & General Insurance in 1992 and left as Head of Accounts in 2007 to join Custodian and Allied Insurance Plc. At Custodian, he was the Head of Finance and Accounts for several years before moving to become Head of Internal Audit in 2012. He then joined Custodian Life Assurance Ltd as the Head of Finance and Accounts in 2013.

As a seasoned professional, Mr Fatokun is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), an Associate of the Chartered Institute of Taxation of Nigeria (ACIT) and an Associate of the Nigeria Institute of Management (ANIM). In addition to this, he completed the Senior Management Programme at Lagos Business School in 2013 (SMP 47).

Mrs. Yasmin Adeniji-Adele

Head, Human Resources
Mrs. Adeniji-Adele holds a Masters in Human Resource Management which she obtained from London Metropolitan University in 2009 and a BSc in Psychology from the University of East London in 2005.In 2004 Mrs Adeniji-Adele joined APCO Worldwide as their HR Advisor for Europe, Middle East and Africa after which she worked for Olswang, a multi-national Law Firm in Holborn, London advising on Employment Relations. She later joined Common Purpose UK as their Head of HR before moving to Nigeria to become Lead Consultant at Aspirah Consulting Lagos. Prior to joining Custodian Life Assurance Ltd in 2013, she was the HR Business Partner for Custodian and Allied Insurance Plc. from 2011.

Yasmin Adeniji-Adele is an Associate of the Chartered Institute of Personnel and Development (CIPD) UK.

Annuity PlanCapital BuilderEsusu ShieldPersonal Provident PlanInvestment Plus Plan

Annuity Plan

Annuity is a series of payments to a person at agreed regular intervals for a period of time or for the duration of his/her life. The Annuity Plan is an annuity policy which is good for every class of person- workers retiring under the Pension Reform Act 2004, private individuals who desire a regular future income stream or additional regular income for old age.

Under the Pension Reform Act 2004, every retiring employee must subscribe to a Programmed Withdrawal Plan based on an assumed life expectancy offered by a Pension Fund Administrator or an Annuity Plan (Retiree Life Annuity) by a life insurance company duly licensed by the National Insurance Commission. The Annuity plan provides every retiring employee and others (including self employed persons) a personalized annuity plan that fits the needs of each person for his actual lifetime. Your income is paid until death, no matter how long you live.

Beyond the Retiree Life Annuity which is specifically tailored to the requirements of the Pension Reform Act, 2004 and the regulations thereof, the Annuity Plan covers other types of annuities designed to meet the needs of different classes of people and life styles. Thus every person on crusader annuity plan (an annuitant) can elect to build into the plan a minimum guaranteed payment. This ensures that, in the unfortunate event that the annuitant dies prematurely, his heirs, widow(er), children or any nominated beneficiary will be paid the balance of the guaranteed annuities either in lump sum or as a continuation of the annuitant’s original plan.

This policy also affords you the opportunity to have a flexible annuity plan that accords with your chosen retirement lifestyle and other income sources. Hence, for those retiring into income-earning life, they may want in the early years little or no income and a stepped- up payment later in life.

You can choose when the payment should commence (immediately upon retirement, two years after, five years after) and when it commences, the frequency of payment you want: weekly, monthly or quarterly.

Finally, no matter where you choose to live in retirement, in Nigeria or anywhere in the world; subject to subsisting foreign Exchange regulations, THE CUSTODIAN ANNUITY PLAN will deliver your income to YOU.

Capital Builder

Many individuals are not interested in life assurance because they regard the benefits offered at maturity as not commensurate with total premium payable. Some policy holders also feel dissatisfied after few years due to the inability of their life assurance policies to adequately meet their future needs that might have changed as a result of changes in their life circumstances.

The Capital Builder Plan is designed to offer a great deal of flexibility in addition to long term, high investment returns on your savings. It allows the Policy holder the opportunity to choose the required investment and mortality benefit mix. The maturity age is also flexible with an option to convert policy proceeds to annuity.

Esusu Shield

Esusu Shield uniquely combines all the benefits of Ajo, Esusu, Thrift and Mutual Financing schemes to meet the savings, financing and insurance needs of a Policyholder or member of the Esusu Shield Scheme.

Benefits
Life assurance and personal accident cover.

SAVINGS
(N)
LIFE ASSURANCE BENEFIT PERSONAL ACCIDENT BENEFIT (N)
DAILY WEEKLY MONTHLY (N) (N)
100-300 1000 – 2000 2000 – 5000 100,000.00 100,000.00
301-500 2001 – 5000 50001 -10000 150,000.00 150,000.00
Above 500 Above 1000 Above 10000 250,000.00 250,000.00

Personal Provident Plan

The policy is designed to provide guaranteed income for the self employed and those who want to augment their retirement benefits. It is a savings plan with minimum guaranteed interest yields.

The policy is a tool for future financial planning as it can be strategically used to provide for series of anticipated financial events in the future. It also has an in-built accident benefit cover. The proceeds can be converted to annuity at maturity.

Investment Plus Plan

The plan is a combination of investment and protection with fixed maturity age of sixty years. The mortality benefit which is determined by the Policyholder is guaranteed once the policy acquires a surrender value. The policy is used for long term savings that reflects the trends in the economy.

Custodian Lifetime Harvest PolicyFuneral PolicyEducation Endowment PolicyMortgage protection PlanCredit LifeTerm Assurance

Custodian Lifetime Harvest Policy

The policy is an endowment assurance plan that pays out a percentage of the sum assured after a predetermined number of years has been completed.
The policy also provides additional fatal accident benefit and medical expenses subject to a maximum of N500, 000 and N100, 000 respectively.

FEATURES

  • Minimum duration of 9 years (Harvesting after every 3 years)
  • Flexible mode of premium payment.
  • Option to select harvesting duration
  • Thirty days of grace are allowed for the payment of renewal premium
  • Policy acquires surrender value after two full years’ premium has been paid.
  • Maximum age at entry is 60 years

BENEFITS

    • Family protection is guaranteed

      • Policy Loan exist
      • Policy serve as collateral facility
      • Policy has “Tax advantages”
      • Bonus declaration exist and it enhances maturity benefits
      • Additional fatal accident benefit and medical expenses
      • Waiver of Premium benefit in the event of total disablement

Funeral Policy

In some families, death even at old age which is supposed to be a thing of joy is rather a thing of sorrow, anguish and lamentation just because during the active years majority failed to plan for the in inevitable – Death

The Custodian Funeral Policy is a solution to the general financial helplessness of most individuals on the death of their loved ones. Traditionally, in most parts of Nigeria and indeed Africa, it is normal for the dead to be given a befitting burial especially when the dead attained a ripe age before death.

The Custodian Funeral Policy could be arranged by anybody to cover the funeral expenses of self, spouse, parents and parents-in-law. To eliminate the effect of inflation, the policy could be arranged with an escalator clause. The policy requires no medical tests.

Education Endowment Policy

We love our children. The joy of every parent is that his child grows up to become a greater person than his parents. As the saying goes, education is the best legacy. What greater gift can a parent give to the child than guaranteed good and qualitative education. As responsible parents, we make provision for our children’s education in such a way that whether we are alive or dead, the education of our children is not jeopardized.

Fortunately, a simple, safe and convenient way to achieve this life–long dream is by purchasing the Custodian Educational Endowment Policy. The plan provides the fund for the payment of your child’s tuition and other incidental fees at any chosen level of his/her education – Primary, Secondary or Tertiary level.

Through this arrangement; a parent can start to provide for the education of his child immediately, and so dispel all the worry of the uncertainty of not having enough money to fund the child’s education in future; so that alive or dead, the child’s education is guaranteed. In the event of the death of a named child, he could be substituted with another child. Where no such substitute exists, the premiums paid will be refunded.

Mortgage protection Plan

The need for people to own their homes, and the difficulty in saving money for such a capital project like building or buying a house has pushed a lot people into borrowing money to satisfy this basic need. Usually such a house is used as collateral for the loan. There will be no problem if one lives to repay the mortgage loan in full.

The problem comes when the borrower dies before completing the repayment of the mortgage loan. When this happens, the mortgagor forces the surviving relatives to pay the balance of the loan if they can or repossesses the house thus sacking the occupants, sells off the house to recover his money. This can be a great agonizing moment.

The Custodian & Allied Insurance Policy takes over the payment of any outstanding mortgage loan in case of the death of the borrower before he fully repays the loan. With the Custodian & Allied Insurance Policy, you and your dependants are assured that your house – built with a loan remains yours even in the event of untimely or unexpected death.

Credit Life

Every robust economy thrives on the provision or availability of credit facilities. In the present day Nigeria , banks now freely provide consumer credits. However, the death of a borrower is the easiest way of creating bad loans.

This is why the Credit Life Policy was introduced which takes over the repayment of any outstanding short term loan in the event of death of the borrower, permanent disability or the contraction of critical illness.

The policy term is usually not for more than five years and in most cases written on a non–medical basis. The premium can also be a one–off payment or may be paid in installments.

Term Assurance

Term assurance policy is the oldest and cheapest form of life assurance cover. It is designed to pay the guaranteed sum assured on death if this occurs within the term of the policy. Under this policy, nothing is payable if the life assured survives the term of the policy. It is purely a protection policy and does not acquire surrender value. It is used to provide cover for a key person in organizations and for the financial needs of the dependants of a bread winner in the family in case of death.

Group Life AssuranceTuition Protection Policy

Group Life Assurance

The Group Life Assurance Policy is designed to meet the requirements of the statutory group life policy under section 9(3) of the Pension Reform Act, 2004. The policy provides death-in-service benefits to the dependants of an employee who dies whilst in the service of an employer.

It is put in place by an employer for the benefits of the dependants of its employees. It can also be used by Clubs and associations who may wish to provide for the dependants of their members in case of death.

This policy can be arranged with some add-ons such as sickness and disability benefits. It provides a 24-hour mortality cover for a year and is devoid of geographical limitations.

Tuition Protection Policy

The policy is designed to guarantee the education of students in the event of death or total permanent disability as a result of the parents/guardians/sponsors being involved in an accident whilst they are in a particular school.

It also provides financial protection in the event of the parents/guardians/sponsors contracting a named critical illness (as defined in the policy). The policy is open to students in Nursery/Primary, Secondary and Tertiary Institutions.

Who are Custodian and Allied Plc?What type of business is the Company into?What subsidiaries are under the Company?What are the minimum requirements?Why should I continue to insure with the new company?Who should I direct my enquiries to? Can I transact my business with any of the branches?Will I still maintain my policy Number?Am I still going to enjoy same terms and conditions of my policy?Are you maintaining same offices?I have an outstanding issue, who do I meet?Are you using same email address, telephone numbers and website?Can I transact my business on line?Do I need additional information on my policy?Do you have new policy rates?

Who are Custodian and Allied Plc?

Custodian and Allied Plc is the company that was formed as a result of the merger between Custodian and Allied Insurance Plc and Crusader Nigeria Plc

What type of business is the Company into?

General Insurance, Life Assurance, Trusteeship and Pensions

What subsidiaries are under the Company?

The Company has the following subsidiaries;

Custodian and Allied Insurance Limited: A combination of Crusader General Insurance Ltd and Custodian and Allied Insurance Plc

Custodian Life Assurance Limited: Crusader Life Assurance Limited now renamed Custodian Life Assurance Limited

Custodian Trustees Limited: Crusader Trustees Limited now renamed Custodian Trustees Limited

CrusaderSterling Pensions Limited

What are the minimum requirements?

The minimum requirement is third party policy

Why should I continue to insure with the new company?

With this strategic merger, we now have a more robust balance sheet, stronger financial capacity, improved operational efficiencies and an expanded product portfolio, which would enable us play in other markets with larger volume of transactions

Who should I direct my enquiries to?

Please direct your enquiries to enquiries@custodianinsurance.com, or contact this number (+234)12774000-9 You can also contact your current Relationship Manager

Can I transact my business with any of the branches?

Yes you can transact your business with any of the branches

Will I still maintain my policy Number?

Yes you will still maintain your policy number. Any changes will be communicated to you by your Relationship Manager.

Am I still going to enjoy same terms and conditions of my policy?

The terms and conditions attached to your policy remain the same. Additional adjustments if any will be communicated to you by your Relationship Manager

Who is my present Relationship Manager?

You will still maintain your current Relationship Manager

Are you maintaining same offices?

Yes we are maintaining the same offices

I have an outstanding issue, who do I meet?

Please contact your Relationship Manager or send an email to this address; helpdesk@custodianinsurance.com. You can also contact any of the following helpdesk numbers; 07045749293, 07045749294, 07045749295, 07045749296

Are you using same email address, telephone numbers and website?

The new website is custodianplc.com.ng, while the email address is enquiries@custodianinsurance.com. All telephone numbers remain the same.

Can I transact my business on line?

Yes you can transact your business on the online portals linked to the website

Do I need additional information on my policy?

Your Relationship Manager will inform you of any additional information

Do you have new policy rates?

Our policy rates remain the same

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Custodian House

16A, Commercial Avenue,
Sabo, Yaba, Lagos.

Contact details

E-mail address:
carecentre@custodianinsurance.com

(+234)12774000-9

Opening Hours
Available 8:00am - 5:30pm
Weekdays