Start life savings plan, get free life insurance cover:
Life Savings plan is a medium/long-term savings plan towards any financial target. The savings plan comes with free life insurance worth up to ₦1million. This Life insurance helps you support your loved ones/family in case of unforeseen circumstances.
With a monthly contribution as low as ₦1,000 in the Life Savings plan, you can protect your financial future & your loved ones. Get free life savings quote to know how much life insurance you will get with your monthly savings.
Why you should start a life savings plan:
- Financial nest: This savings plan can be your financial nest towards achieving any capital project such as building a house or against unforeseen circumstances such as disability.
- Free life insurance cover: Your loved ones/family will receive the amount saved & insurance cover up to ₦1million in case you pass away. This helps them continue their normal life.
- Superior yield on savings: Earn higher interest than your regular savings account.
- Affordable monthly savings: You can decide how much you want to save monthly. For instance, you can save ₦1,000 or ₦200,000 every month.
This plan runs for a minimum of one year and the returns/interest accrued at the end of the desired tenure is benchmarked using the CBN savings rate. See below the different contribution bands, projected interest rates and applicable FREE.
|Monthly Savings (₦)||Benchmark & Rate||Free Life Cover (₦)|
|1,000 - 1,999||CBN Savings rate + 2.75%||50,000|
|2,000 - 4,999||CBN Savings rate + 2.75%||100,000|
|5,000 - 9,999||CBN Savings rate + 2.75%||200,000|
|10,000 - 24,999||CBN Savings rate + 2.75%||300,000|
|25,000 - 49,999||CBN Savings rate + 2.75%||500,000|
|50,000 and Above||CBN Savings rate + 2.75%||1,000,000|
For a more flexible savings option without life insurance cover, open a Money Market Fund account.