Old Mutual, the Nigerian subsidiary of Old Mutual Limited, pan-Africa’s leading insurance firm and global financial services provider, has launched in Nigeria the Old Mutual 2-year Savings product with Life Cover.
The product supports individuals, families, and small business in achieving and protecting their goals. It allows for a minimum monthly savings contribution of 5,000 Naira which can be increased annually.
Underlining the new offering is to reinforce the building of a savings culture which has become more strained at this time with prevalence of economic uncertainties. However, the need to save has definitely become more of a necessity than an option.
The experiences over the course of 2020/2021 have been a lesson in ensuring one protects their 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.
“This special product allows an individual to save as well as obtain life cover up to 1 million Naira,” the company said.
In her remark, the Executive Head, Marketing and Customer Experience, Old Mutual Nigeria, Mrs. Alero Ladipo, said, “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.
The Old Mutual Short Savings Plan has a dynamic feature that allows the policyholder to withdraw up to 50% 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 https://www.oldmutual.com.ng/home/short-term-savings in just a few clicks and within five minutes of their time.”
