Lilongwe City Mayor, Desmond Bikoko, has hailed Old Mutual for introducing new products on the market which have been designed to meet needs of Malawians
Speaking during the official launch of the products, Bikoko said the introduction of the two policies will enhance a saving culture amongst many Malawians.
“I should commend Od Mutual for introducing Timba Family Plan and Tsongolo Saving policies that will benefit people of all income levels. If people can have that saving culture, lives in our communities will be transformed,” Bikoko said.
Old Mutual Malawi Group Chief Executive Officer, Edith Jiya, said the two products are aimed at instilling a saving culture to ensure that Malawians live a better life and have something to rely on in case of emergencies, such as death of loved ones
“Each plan has a long-term pocket and a short-term pocket which allows the policy holder to build up funds for their future financial goals, as well as giving access to the holder’s money. The products cater for both long-term financial goals and also provide easier access to the customer’s money,” Jiya said.
Jiya added: “Family Plan offers you peace of mind knowing that you, your spouse and unlimited number of children will be laid to rest with dignity and reverence by just paying a single monthly premium. This removes worries about an affordable and dignified funeral plan for your family.”
She further said Tsongolo Saving Plan is there to encourage a saving culture among Malawians so that many can realise their dreams.
“Saving is usually associated with the rich but, Old mutual is here to change this mindset and show that even with the little that we have, we can build something big and realise our dreams,” she said
The Timba Family Plan is a life insurance that provides funeral cover ranging from K150,000 to K1.5 million.
Tsongolo Savings Plan offers two savings pockets as part of one plan, with a single monthly premium. It has both the long-term pocket and a short term pocket.
To register for Timba Family Plan, one must be between 18 and 65 years and must pay a monthly premium of K1,755 and for Tsongolo Savings Plan the monthly premium is K5,000.