One of the best ways to become financially stable is to learn the habit of saving money. A good savings attitude helps you maintain a debt-free lifestyle. Once life uncertainties like job loss or disability pop up, you’ll be able to settle them with your savings. However, saving for a rainy day isn’t only about planning; it’s about the will to keep some part of your earnings and use them when the need arises. In this article, we’ll introduce you to our iSave plan and the benefits you can get from it.
Who Needs this Plan
iSave Plan is for individuals who want short-term savings to help cover future needs. Whether you’re looking to save funds for a master’s degree, start a business or pay for your house rent, this plan gives you limitless access to achieving your financial goals.
Features of iSave Plan
- You are eligible to take up this plan if you are under the age of 65
- Policy term is 2 years renewable and Interest rate is SDR+4% (SDR is the CBN stipulated minimum savings deposit rate banks can pay on savings accounts and is usually 10% of Monetary Policy Rate (MPR)
- The policy can be surrendered after a minimum of 13 months with no withdrawal fees (earlier surrender will attract charges)
- The minimum contribution is 5,000.
Benefits of iSave Plan
- Creates capital for future needs (i.e., school fees, home ownership, start own business etc.)
- The sum assured (Life cover ranging from 100,000 – 1,000,000) requires a one-time payment (known as risk premium) of 1% of the sum assured, then the Risk Premium will be N2,000. For a sum assured of N500,000, the Risk Premium will be N10,000 etc.
- Besides the short-term access, customers get life insurance coverage. This becomes helpful in the event of death as the account balance and sum assured are paid to the named beneficiary.
Read: Why Savings is Good, but Investment is Better
Why not begin your journey to financial stability today by subscribing to our iSave Plan.
To learn more about our offering:
Visit cornerstone.com.ng | Call: 07086216957 | or Email: firstname.lastname@example.org
1 thought on “The Importance of Saving for a Rainy Day”
It is indeed a very good product.
The fact that savings is very important cannot be over emphasised.
This would also further drive home the need for the public to take life insurance more seriously.