Old Mutual Nigeria, a subsidiary of Africa’s financial services powerhouse, Old Mutual Limited (OML), has disclosed through its Executive Head, Marketing and Customer Experience at Old Mutual Limited, Alero Ladipo, that it is pertinent for Nigerians to adopt insurance-backed savings plans in the wake of the prevailing global socio-economic volatilities, uncertainties, complexities, and ambiguities (VUCA).

 

Alero illustrated that the capacity of an individual’s financial planning and security loses its fidelity in the face of continued market volatility, eroding the confidence with which they 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 require all to make smarter financial decisions anchored on guaranteed wealth protection no matter what life throws at these trying times.

 

She said this is where the Old Mutual Short Term Saving Plan comes into play. “This time-relevant Savings Plan helps you save funds to achieve your financial goals for the next two years, and it bears a competitive annual interest rate. It is even more remarkable that the plan provides a life cover of up to 1 million Naira (N1,000,000) for a Five thousand Naira (N5,000) minimum monthly premium contribution. In other words, whilst we help you put away a reservoir fund for the rainy days, we also ensure that your beneficiaries are in a pole position to get an agreed compensation should life throws up the unexpected. This product brings peace of mind in these VUCA times.

 

“There is more. The plan also provides flexibility that allows the Policyholder to increase or decrease their monthly savings premium and risk cover at the policy anniversary. Customers can withdraw up to 50% of their funds only once between 6 to 18 months and are free to surrender the policy if needed”, she added.

 

“To ensure that its numerous existing policyholders and prospects can access the product conveniently and real-time anywhere in Nigeria, Alero said that Old Mutual Nigeria has revitalised its website and other digital channels, such as WhatsApp, to enable seamless delivery of an immersive customer experience.

 

She concluded that beyond providing products like this, “We will continue to provide needed insurance education for Nigerians to help 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 hold dear- assets, belongings, investments, family and your children’s education and future.”