As part of celebrating 70 years of existence in the country, Old Mutual Malawi has launched a new product aimed at protecting loan holders from losing their proprieties used as collateral when unforeseen circumstances arises.
The launch of the new product called ‘Enhanced Credit Life Assurance’ took place at Old Mutual Head Office in Blantyre on Tuesday.
The product offers benefits such as accidental death cover, funeral cover, total permanent disability cover and group critical illness cover.
Speaking in an interview with the press after the launch Old Mutual Malawi Senior Retention and Bancaassurance Manager, Chisomo Chibwana said financial borrowers will greatly benefit from this product as it offers peace of mind in times eventualities like death, critical illness or disability.
“The inclusion of funeral cover under Credit Life Assurance for borrower and immediate family relives the financial strain of funeral expenses and provides compassionate support during difficult moments.
“As a business which is celebrating its 70th anniversary, this product reaffirms our commitment to championing the customer by meeting their diverse needs and the desire to do great things every day,” said Chibwana.
She also went further to say that the product offers risk mitigation and loan security for lenders as the insurance policy will cover the outstanding loan balance.
“For lenders, this enhancement will provide risk mitigation and loan security; in the unfortunate event of a borrower’s death or incapacity, the insurance policy will cover the outstanding loan balance, shielding lenders from potential finance loses,” she added.
