Old Mutual Malawi introduces  omprehensive loan protection cover

By Chisomo Phiri

In an effort to ensure that people are accessing loan facilities from commercial banks and other financial institutions Old Mutual Malawi on Tuesday June 4,2024 launched a product called ‘Enhanced Credit Life Assurance’.

Speaking during the product launch on Tuesday in Blantyre, Old Mutual Malawi Senior Retention and Insurance Manager Chisomo Chibwana said the facility offers benefits such as accidental death cover, funeral cover, total permanent disability cover and group critical illness cover.

She indicated that the inclusion of funeral cover under product for borrowers and immediate families lessens the financial strain and provides compassionate support during difficult movements.

Chisomo Chibwana

“This will greatly alleviate financial stress and offer peace of mind to borrowers knowing that their outstanding loan balance will be covered in the event of death, critical illness or disability,” she said.

Chibwana said the product provides risk mitigation and loan security for lenders as the insurance policy will cover the outstanding loan balance, shielding lenders from financial loss.

Old Mutual Malawi is a subsidiary of Old Mutual plc and currently the only foreign listed counter on the Malawi Stock Exchange(MSE).

The company operates primarily in the long-term savings market.

Other services include asset management, life assurance, third-party asset management, pension fund administration and management, and property investment.