You are going to be redirected to the Retirement Fund Benefits secure site. This should only take a moment.
Preserve your pension fund:
Pension and Provident Funds have traditionally been set up to make provision for retirement. In the continuous development of retirement funds over the years, it has also become necessary to make provision for other factors affecting the member or his/her family before attainment of retirement age. The major ones are:
Old Mutual as a Life Assurance Company has consistently developed schemes which cover these occurrences, either linked to Pension Funds or as separate group schemes. Collectively these are known as “risk benefit” products.
Old Mutual Malawi offers the following risk benefit solutions to meet your company’s needs:
With all four options above you have the ability to select one or more of the following as an additional benefit. Payment of these benefits is subject to the provisions of the Pensions Act and other relevant laws in Malawi:
This is usually a multiple of salary but may also be a flat amount.
This can either be a percentage of the member's salary or a percentage of the member's accrued or prospective pension.
These are provided for similarly and in addition to a spouse's pension. Often the children's pension is doubled if there is no surviving spouse or if the spouse's pension ceases to be payable.
Benefits can also be provided in the form of an income or a capital sum. A waiting period applies to this benefit. The lump sum benefit can be a multiple of salary, flat amount or percentage of accrued or prospective pension. An income can be payable until normal retirement after which the normal retirement benefit would be payable.
This is the threshold limit above which a customer is expected to provide medical evidence in order to be considered for cover in excess of this limit. The provision of Group Life Assurance benefits entails that Insurance Cover may be provided free of evidence of good health within certain limits. This means that an amount of cover calculated is related to the number of members in the scheme and the average amount of life assurance cover. For cover under this amount no evidence of health will be required.
This benefit is designed to provide an additional cash benefit in the case of death caused by an accident. This cover is available to individuals up to the age of 59 (i.e. before your 60th birthday). For this benefit to apply, death has to occur within 6 months of the accident and must be a direct result of that accident. The benefit is over and above the benefit provided by the underlying policy and can be added to all death cover policies.
or call +265 (0) 1 820 677.