Old Mutual Malawi partners Precious Medical Insurance

Old Mutual Life Assurance Company (Malawi)  has entered into a partnership with Precious Medical Insurance (PMI) with an aim of providing medical cover to Annuitants effective from today.

The Partnership was signed on Wednesday morning at Old Mutual Malawi head offices in the commercial capital Blantyre.

Speaking after signing the agreement the Company’s Managing Director Roy Punungwe said the partnership is a unique innovation that the two institutions have designed to bring service delivery to Old Mutual annuitants to a whole new level.

“As Old Mutual, we noted from experience with our everyday dealings with annuitants that one of the biggest expenses in retirement is on medical cover. It becomes a nightmare that one once retires, the medical cover equally vanishes abruptly. To add to this the person who has retired has to go window shopping for the service, be conversant with services offered, ensure all logistics are in a place for monthly membership fee payment, among other requirements- an exercise which was ordinarily being taken professionally by the employer. All these in an effort to maintain the most needed service in later days of life after sacrificing all the energy over all years-medical cover, which is an assurance to a reliable medical care.

“It is this rather sad observation that provoked us to explore and develop a product that can provide medical cover to our annuitants to ease pressure on their medical bills, so as to ensure their peace of mind, and in turn improve their quality of life after retirement hence the partnership,” said Punungwe.

According to Punungwe, the cover is optional and each member will be required to contribute Mk2,500.00 monthly.

“The Annuitants will remain covered for as long as they are paying the premium and within the annual limit.

“Those that require additional cover other than that covered by the Chipatala scheme can upgrade to other schemes like Silver, Super, Gold and Gold Plus in order to have access to a wider range of private clinics and hospitals within Malawi,” said Punungwe.

On his part PMI Claims Manager Dr. Gift Sten Chinomba assured the Annuitants that their services will be of higher standard.

Chinomba also hinted that the Annuitants will not be required pay shortfalls as is the case with other medical schemes.

Under the Partnership, the annuitants will be covered under the Precious Medical Insurance’s Chipatala scheme. The Annuitants will have access to treatment in all medical facilities across the country who are registered under Chipatala scheme. These include all major referral government hospitals, mission hospitals and selected private clinics.