Announcing the two plans in Blantyre, Managing Director for Old Mutual Life Assurance Limited, Tavona Biza said these two are revolutionary products that are set to meet customer needs and provide solutions to some of the challenges that Malawians face.

Biza said people are a driving force that led to the concept development of the two products.

“We want people to be covered in all aspects of life. We did not just sit in the office and came out with this product. We went on the street and talked with ordinary Malawians and found out what they want. People actually admitted that they find it difficult to save money for their funerals and at the same time investing money for future projects,” said Biza.

He described the Tsogolo Savings Plan, a 10-year product, as a unique product since it has the short term pocket which allows one to make 2 withdrawals in a year and the long term pocket which also allows one to make a withdrawal while some funds remain safely invested.

“This plan is invested in a smooth bonus fund which has a combination of shares, properties and other instruments so that we can get you a return which is as high as possible on the market,” he explained.

The Timba Family Plan allows payment of money that helps during a funeral within 48 hours of the point of death.

“This policy covers you and your immediate family. We make payment to cover for beneficiaries that are in the program. We encourage people to plan for their funeral by registering in this program.

The Timba Funeral Plan has a minimum savings of K1750.00 total monthly premium while Tsogolo Savings Plan requires a minimum of K5000.00 total monthly premium.