Old Mutual Malawi plc unveiled a groundbreaking service, the Enhanced Credit Life Assurance, aimed at ensuring the safety of both lenders and borrowers against unforeseen circumstances.
During the launch event held in Blantyre on Tuesday, Chisomo Chibwana, Senior Retention and Brand Assurance Manager at Old Mutual Malawi highlighted the innovative approach to redefining financial security beyond conventional debt repayment.
Chibwana outlined several enhancements within the Enhanced Credit Life Assurance, including Accidental Death Cover, Funeral Cover, Total Permanent Disability Cover, and Group Critical Illness Cover.
According to Chibwana, the Enhanced Credit Life Assurance aims to alleviate financial stress for borrowers, providing reassurance that their outstanding loan balance will be covered in case of death, critical illness, or disability.
Furthermore, Chibwana emphasized the protective benefits for lenders, as the insurance policy would mitigate potential financial losses in the event of a borrower’s demise or incapacity.
In addition to financial protection, borrowers also stand to gain peace of mind, knowing that their outstanding loan balance is safeguarded against unexpected life events.
Chibwana highlighted the inclusion of funeral cover for borrowers and their immediate families, which not only eases the financial burden of funeral expenses but also offers compassionate support during challenging times.
Celebrating its 70th anniversary this year, Old Mutual reaffirmed its dedication to continuously developing and offering products and services that cater to the evolving needs of its customers in Life Assurance, Savings, and Investment.
