Wapic Insurance Plc has reiterated the need for Nigerians to engage in target savings.

Target Savings, a savings account that helps holders save money for a specific purpose, is fast becoming the norm in building a sustainable savings culture particularly where it concerns specific financial goals or objectives.

This is something Wapic Insurance is fully aware of, and has taken steps to bring it home to customers.

Shedding light on the product, Yinka Adekoya, Managing Director of Wapic Insurance Plc stated that “it is difficult to make progress without a plan and goals, and these products make planning and financial goal setting easier”.

While Wapic may not be the first to offer target savings products, its new SMART Plan products definitely provide more options to choose from, especially with the life insurance cover that comes with the products.

The company notes that in terms of personal finance management, saving toward a particular objective requires a ton of self-discipline and that considering the different channels through which customers can easily withdraw from the savings account, it makes perfect sense to utilize a vehicle that gives a much required control.

The leading insurance company, with vision to transform and illuminate the insurance industry for the benefit of its customers and other stakeholders, understands this as why people tend towards fixed deposits as an option to save and not ‘touch the money’.

Attempting to building a beneficial savings culture raises posers on fixed deposits. These are: As customer of a financial institution, are you saving just to save or do you hope for an extra on what has been deposited? And if the latter is the case, how much interest exactly does fixed deposit guarantee?

While observing that fixed deposit is absolutely a good financial decision to make, Wapic urges Nigerians as well as foreigners in the country to also consider target savings.

Currently, many financial institutions are seeking to grab mind and pocket share with target savings products and but only a few have benefits that can compare to Wapic’s SMART Plan.

Wapic adds that it did its ground work 100% and is evident in the tailored target-savings products which gives the account holder the chance of efficiently saving towards specific goals, and getting an insurance cover at the same time.