Windhoek, Namibia – Trustco Life has recently introduced savings products that aims to promote financial security and literacy through the medium of savings and investment. The said products, Start Save, Life Save and Elite Save, were designed to suit the Namibian market at large, offering an array of interest rates and benefits.
The importance of saving, investing and earning interest has become of paramount importance in developing countries such as Namibia, whose residents are still unaware of the positive effect it has on providing financial security to their households.
During the COVID-19 pandemic, people from all walks of life have found it tougher to save even a little from what they earn. This global crisis has exposed the need for savings policies, especially in times of emergency. The main advantage of savings policies is that they are safe from market volatility.
In the 2017 Namibia Financial Inclusion Survey (NFIS) it was revealed that there are still approximately 17.5 percent of Namibian adults who keep all their savings at home, and do not have or use formal or informal savings products or mechanisms. Indeed, 19.5 percent of adults reported that they do not save at all.
A savings policy has three key advantages of significance:
1. Safe avenue for funds – Savings is liquid, it provides for easy access to funds when needed.
2. Income generating account – Unlike a current account, a savings policy earns interest.
3. Helps plan your child’s financial future – It is imperative to teach our children the importance of savings and investments from a very young age. These valuable financial lessons can help children understand the value of money and help them make better financial decisions.
Trustco Life’s three custom-designed savings products are as follows:
Start Save
Start Save is the entry-level savings product for Trustco Life. Clients can start their savings career while staying connected. Every dollar saved not only earns interest, but also provides data. The product is designed to cater towards clients aiming to save between N$ 250 and N$ 1000. Additionally, clients earn interest of 3.5% compounded annually and free data as per table below.
N$ 250 to N$ 499 = 2GB
N$ 500 to N$ 749 = 4GB
N$ 750 to N$ 999 = 6GB
N$ 1000 = 8GB
Every client will be provided with a TN mobile SIM card and their earned data will be transferred to that specific number every month upon receipt of premium.
Life Save and Elite Save
Life Save and Elite Save is designed to assist individuals who wish to build their wealth over a longer period of time. Both Life Save and Elite Save offer an 8.5 percent interest rate compounded annually, with Elite Save allowing the client to choose their term as well as how they want to receive their interest.
Start Save, Life Save and Elite Save, all underwritten by Trustco Life, will be the stepping stone Namibians need to allow them to accumulate wealth towards achieving financial independence.
Head of Trustco Life, Annette Brand said: “We’ve spent months developing these tailor-made products that suits the needs of a variety of Namibian clients. The triple success in the detail of these products will ensure that all our clients can all score a hattrick in savings with the generous interest rates that they’ll earn.” For more information regarding the savings products contact any of the Trustco Life offices country-wide or visit the Trustco Life website at www.life.na or email info@life.na
CLICK HERE to submit your press release to MyPR.co.za.
