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Home Economy/Technology

Old Mutual urges Nigerians to adopt insurance-backed savings plan

Insurance

The Matters Press by The Matters Press
March 7, 2023
Reading Time: 2 mins read
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CIIN president tasks Insurance directors on manpower development

The Executive Head, Marketing and Customer Experience, Old Mutual Nigeria, Ms Alero Ladipo, has urged Nigerians to adopt insurance-backed savings plans.

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Ladipo, in a statement made available on Monday in Lagos, said this was essential following the prevailing global socio-economic volatilities, uncertainties, complexities and ambiguities (VUCA).

She said that the capacity of an individual’s financial planning and security had lost its fidelity in the face of the continuous market volatility.

According to her, the present reality of the country has eroded the confidence with which individuals can predict the future.

“The reality is further complicated by the complexity of global exigencies, making it harder for experts to analyse correctly.

“These ambiguities and lack of clarity requires all to make smarter financial decisions which is anchored on guaranteed wealth protection, no matter what life throws at us at these trying times.

“This is where the Old Mutual Short Term Saving Plan comes into play.

“This time-relevant savings plan helps you to save funds to achieve your financial goals for the next two years, with a competitive annual interest rate.

“It is even more remarkable that the plan provides a life cover of up to N1 million for a N5,000 minimum monthly premium contribution.

According to her, the product was designed to bring peace of mind to policyholders in these VUCA times and also ensure that their beneficiaries get an agreed compensation from their savings should the unexpected happen.

Ladipo explained that the plan was flexible and allowed policyholder to increase or decrease their monthly savings premium and risk cover at the policy anniversary.

She said; “customers can withdraw up to 50 per cent of their funds only once between six to 18 months and are free to surrender the policy if needed.

“Old Mutual Nigeria has revitalised its website and other digital channels, such as WhatsApp, to enable seamless delivery of an immersive customer experience for the plan.

“We will continue to provide needed insurance education for Nigerians to help them understand risk management and equip them to make informed decisions on how to mitigate them.

“The time is now to adopt volatility-tested insurance solution for all that you cherish, such as; assets, belongings, investments, family, children’s education and future.

Old Mutual Life Assurance Company and Old Mutual Nigeria General Insurance Company are part of the global Old Mutual brand, with over 176 years of providing life assurance and wealth, personal finance savings and general insurance services.

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