Cornerstone Apprenticeship Savings Scheme (CASS) a.k.a “Oga Boy” is a scheme that allows merchant to save periodically towards the completion of apprenticeship scheme. Thereby earning above regular interest rates and easing the master’s task of setting up his apprentice for life upon “freedom”.

Premature termination and withdrawals are permitted; however accrued interest will be forfeited.

Features Include:

   - You are eligible to take up this plan if you are under the age of 65

   - Policy term is 2 years renewable

   - Interest rate is SDR+2% (SDR is the CBN stipulated minimum savings deposit rate banks can pay on savings accounts and it is currently 30% of Monetary Policy Rate (MPR)

   - Policy can be surrendered after a minimum of 13 months with no withdrawal fees (earlier surrender will attract charges)

   - Minimum contribution of 5,000

Benefits Include:

   - Creates accumulated funds for “freedom” payment.

   - The sum assured (Life cover ranging from 100,000 - 1,000,000 ) requires a One Time Payment (known as risk premium) of 1% of the sum assured, then the Risk Premium will be N2,000. For sum assured of N500,000, the Risk Premium will be N10,000 etc.

   - In the event of death, the account balance and sum assured are paid to the named beneficiary (family member or other person).