Home/Personal Plans/Target Savings Plan

Savings

Target Savings Plan

A savings-focused life plan that helps you build toward a target while keeping life cover in place.

Goal-based savings

Major purchases

Retirement preparation

Apply NowTalk To Our Team

Savings Goal

TSP

Target Savings PlanTarget Savings Plan is an investment arrangement through which funds can be accumulated for specific future needs while enjoying the benefits of life assurance.

At A Glance

What stands out about this plan.

Minimum contributionN10,000 monthly

Policy duration3 to 5 years

Life coverUp to N1,000,000

Plan Overview

How the structure works in plain terms.

Target Savings Plan is an investment arrangement through which funds can be accumulated for specific future needs while enjoying the benefits of life assurance.

Allocated contributions and interest are credited into a dedicated investment account, while an additional life cover is attached based on the level of annual contribution.

Key Details

Features, benefits, and practical notes.

Everything here is pulled from the original product content, then organised into a cleaner product view.

Key Features

A dedicated investment account is opened for each policyholder.

Allocations for investment and interest are credited into that account.

Premium can be paid annually, half-yearly, quarterly, or monthly.

Contributions can be increased within the policy term.

On death before target date, the life cover plus the investment account becomes payable.

At maturity, the policyholder receives the investment balance plus interest as a lump sum.

Benefits

Life assurance cover increases with contribution levels up to N1,000,000.

Additional accidental death benefit of N500,000 is available for monthly contributions of N100,000 and above.

Interest on the investment account is set at 2% above the average annual savings rate of the top five banks in Nigeria.

The maturity value can be converted to annuity on request.

Notes

If the policy is surrendered before the third year, withdrawal charges apply only on accrued interest.

If regular contributions are not paid when due, the life cover ceases.

Typical savings goals include school fees, asset purchase, holidays, retirement annuity funding, and business start-up capital.

Need Guidance?

Want help choosing between personal plans?

Clara can walk through the difference between savings, protection, education, and wealth-focused products, or you can go straight to the team if you already know what you want.

More Plans

Explore related personal plans.