By Rosemary Onuoha

Old Mutual Insurance has launched a 2-in-1 savings plan for customers in Nigeria, especially young professionals and families.

According to the company, with a minimum monthly contribution of N5,000, customers can save up funds for a period of five or 10 years to fund their future financial goals. The plan also gives the customer the opportunity to access a part of the savings for immediate needs during the savings period, should the need arise; thereby providing financial security.

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Another critical component of the plan is the protection on the savings, so that in the event the policyholder passes away in the course of the savings plan, the assigned beneficiaries will receive the originally targeted sum as assured in the plan.

Speaking about the new product, the Executive Head, Marketing and Customer Experience, Old Mutual, Alero Ladipo said: “We understand that life is filled with a constant juggling of our priorities. Trying to excel in our career, expand our businesses, get another degree, start a family, raise the children, provide education for them; yet take care of our siblings and parents, all on an income, is a stretch for many.

At Old Mutual, we realise that entrenching a savings culture will help individuals realise dreams that day-to- day life tries to take away from them. We know as a business with over 170 years of wealth creation and management, that smart financial planning is the answer to a future of financial security.

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“It is on the back of these insights that we enhanced the 2-in-1 savings plans to allows you save towards your life goals over a period of at least five years and with the added benefit of insurance protection, so that if life’s uncertainty happens in the course of saving for your future dreams, a chosen beneficiary will still receive the targeted sum.

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In other words, if you have set out to save for your child’s education and death unfortunately occurs, the 2-in-1 Savings Plan protects that dream from falling apart and ensure that the child gets the targeted sum,” she said.