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What is the 2in1 Savings Plan?

This is an insurance product that enables the insured to save and manage money in order to secure their future.
What's in it for you?
  • Two savings options with a single monthly premium.
  • The policyholder gets up to 5 years of premium protection.
  • The accumulated savings are paid to the nominated beneficiaries in the event of the death of the policyholder.
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How does it work?

The Old Mutual 2in1 Savings Plan has two savings pockets available to help you save and manage your money. 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 that gives you access to part of your money whenever you need it or when an urgent need arises. 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.

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Interested in this product? Want to apply for another? Give us a call today.

Here is what you need to know about the 2in1 Savings PlanĀ cover:

    Premium payments are made on a monthly, quarterly, or annual basis.

    The minimum premium is NGN5,000 while the maximum premium is NGN100,000.

    The monthly premiums are split between the long-term and short-term pockets at a ratio of 80 percent and 20 percent respectively.

    The policy term is either 5 years or 10 years and it is suitable for individuals looking to make savings during the aforementioned period span.

    The entry age is between 18 to 65 years.

    In the first year of saving, interest is calculated at 2.5 percent for both the long-term and short-term pockets. In the second year, interest is calculated at 3 percent and 4 percent on the short-term and long-term pockets respectively. The rates are calculated using the MPR which is regulated by the CBN.

    The Future Premium Benefit is a life cover on the savings plan for 5 years.

    Yes, premiums can be reduced while missed premiums can be paid for via any of our online payment solutions.

    The total value of your savings plus interest is guaranteed once the policy expires.

    All premiums made and benefits owed are tax-free under this policy.

    Policyholders have 30 days after paying their first premium to make any changes. If you decide to change your mind and cancel the policy within the first 30 days of making a premium payment, the payment will be reimbursed at no extra charges.

    Yes. Premium payments can be paid in lump sum but they will be applied on a monthly basis.

    Withdrawals can be made once you make your first premium payment.

    No. The policy is not transferrable.

    Visit our Website to make a claim or send an email via (, or visit any of our offices in Nigeria.

    Claims are usually settled between 3 and 5 working days.