Old Mutual has developed a 2-year savings product with an additional life cover for small businesses, individuals and families.
The product, according to the insurer, is meant to build a savings culture among Nigerians, following ongoing economic uncertainties.
The firm said the product was launched in Nigeria to further support interested parties in achieving and protecting their goals.
This plan allows for a minimum monthly savings contribution of N5,000 which can be increased annually.
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, according to her, has a dynamic feature that allows the policyholder to withdraw up to 50 per cent of saved funds during the savings tenure as well as keep track of their balances to ensure set goals are 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,” she pointed out.
Old Mutual Life Assurance Company and Old Mutual Nigeria General Insurance Company are part of the Old Mutual brand, which has over 175 years of experience in providing life assurance and wealth, personal finance savings and general insurance services.