Old Mutual has urged Malawians to inculcate savings and investment culture, while advocating use of its Tsogolo Savings Plan.
The call was made during the firm’s Three Anchors Programme on Times Television, Times Radio and Times 360 Malawi.
Old Mutual Life Assurance Retail Affluent Manager Spencer Maiden said there are several benefits in saving with the policy.
“We encourage people to pay fluently, of course, but when a person has missed a premium, they can proceed from where they missed than paying arrears like other policies demand,” he said.
Maiden said the policy addresses both long-term and short-term needs by allowing customers to withdraw their funds on short term and save for the long term.
“This is a flexible way of saving money because it has two pockets; the first one being the long-term pocket, which addresses the long term needs while the second one is the short-term pocket, which is there to address short-term needs such as school fees,” he said.
The plan can be invested in by anyone above the age of 18 and can also be used as surety for a loan from banks.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
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