What is Short Term Savings
- Minimum monthly savings premium: NGN 5,000
- Flexibility: You can increase or decrease your monthly savings premium and risk cover at the policy anniversary.
- I n t e r e s t : An annual interest rate of the "91-day Treasury Bill rate minus 5%" will be applied (subject to a minimum of 1% per annum).
- A 2 year plan for your targeted savings need
- With life cover of up to NGN 1million
- Part-Withdrawal: You can withdraw up to 50% of your funds only once between 6 to 18 months. Please note that this is subjects to a part-withdrawal charge
- Surrender Value: The amount you receive when you terminate your policy at any time, subject to a surrender charge
- Death Benefit: Upon the demise of the policyholder, the amount of money payable to the nominated beneficiaries in addition to the amount saved up
- Maturity Benefit: The amount saved up which is paid to the Policyholder at the end of the policy
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The minimum premium is NGN5,000 while the maximum premium is NGN100,000.
The entry age is between 18 to 65 years.
The total value of your savings plus interest is guaranteed once the policy expires.
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.
Withdrawals can be made once you make your first premium payment.
No. The policy is not transferable.
You can make a claim via the website or send an email via (customercare@oldmutualnigeria.com), or visit any of our offices in Nigeria.
Claims are usually settled between 3 and 5 working days.