Savings Plan

The Old Mutual Savings Plan has 2 savings pockets available to help you save and manage your money better for a more secure tomorrow. We are geared towards making your savings journey easy and convenient.

This plan is both simple and flexible, offering two savings options with a single monthly premium.

Each plan has a Long-Term Pocket which allows you to build up funds to reach your financial goals, as well as a Short-Term Pocket which gives you access to part of your money whenever you need it or when an urgent need arises. This way, you get to experience the best of both worlds.

The Long-Term Pocket also allows a partial withdrawal option, which is subject to charges, while the Short-Term Pocket allows withdrawals at no cost.

Monthly Premium Split

You can choose your total monthly savings between NGN5,000 and NGN100,000 and your total monthly premium is automatically split between the two pockets.

Gross Monthly Premium Short Term Pocket (20%) Long Term Pocket (80%)
NGN5,000 NGN1,000 NGN4,000
NGN10,000 NGN2,000 NGN8,000
NGN25,000 NGN5,000 NGN20,000
NGN50,000 NGN10,000 NGN40,000
NGN100,000 NGN20,000 NGN80,000


  • The policyholder gets up to 5 years premium protection.
  • The accumulated savings is paid to the nominated beneficiaries in the event of death of the policyholder.
  • Annual interest is paid on both the Long and Short Term Savings Pockets.


  • The entry age is between 18 to 65.
  • The policy term is either 5 years or 10 years.
  • The minimum premium is NGN5,000.
  • The maximum premium is NGN100,000.
  • Payment frequency is monthly, quarterly or annually.

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Savings plan | Get life savings on Old Mutual Insurance