Old Mutual has developed a short term life insurance savings plan that allows an individual save as well as obtain life cover up to N1 million.
The company said developing the product became necessary considering the fact that building a savings culture has become more strained at this time, while the need to save has definitely become more of a necessity than an option.
Old Mutual Executive Head, Marketing and Customer Experience, Mrs. Alero Ladipo, while speaking on the product, said experience over the course of 2020/2021 have been a lesson in ensuring that one protects his family, health, and livelihood.
“It has become more important to focus on a goal and work towards while at the same time ensuring you are covered from unpredictable circumstances”, she said .
According to her, Old Mutual, the Nigerian subsidiary of Old Mutual Limited launched the product in Nigeria to further support individuals, families, and small business in achieving and protecting their goals.
She said the plan allows for a minimum monthly savings contribution of N5, 000 which can be increased annually.
“We are proud to introduce this well- researched product designed to enable individuals and businesses achieve their short-term financial objectives, particularly in these times of strong economic headwinds and still maintain a life cover,” she added.
She said the savings plan has a dynamic feature that allows policyholder withdraw up to 50 per cent of saved funds during the savings tenure as well as keep track of their balances to ensure goals are being met.
“We believe this product is timely for Nigeria today. There is a need for financial institutions to encourage customers towards the meeting of their goals.
“It also re- enforces our promise as Old Mutual of being a certain friend in certain times.
“The plan is available to our customers on our e-commerce portal in just a few clicks and within five minutes of their time.”