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This plan is designed for you should you need to have money available for those final expenses that arise after the death of your parents or the parents of your spouse. Your life and the life of your spouse are however not covered under this plan. The plan is for the whole of your parents' and your spouse’s parents' lives.
What's in it for you?
- It provides you with a cover amount which is paid out as a lump sum payment within 48 hours after you submit a valid claim
- You may choose the size of the cover amount for each parent which is between MWK 150 000 and MWK 1 500 000
- You will get the full cover amount chosen in the event of your parents and/or your spouse’s parents' death by accidental causes or any death outside the risk waiting period (six months after the plan starts)
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How much does the plan cost?
Your financial advisor will provide you with a quotation. Premiums will be payable in advance on a monthly basis. Premiums will depend on the cover for each person to be assured and there at the time of registering them on the plan.
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Why choose Old Mutual Timba Plus Plan
Get money back
The money back guarantee is in the event of your parents' death or / and your spouse’s parents' death by non-accidental causes or suicide.
Cashback benefit
Cashback benefit equal to 3 times monthly premium payable after every 36 full monthly premiums have been received.
Within 48 hours
Death Benefit paid out within 48 hours of receipt of the necessary documentation.
Want to know more about Timba Plus Plan?
For more information please contact your Old Mutual Advisor, visit our offices, call our Customer Service Centre on +265 (0)1 820 677.
75 years for your parents and your spouse's parents.
Within six months of the application date.
Accidental death cover is immediate while non-accidental death cover starts at the end of the 6 month risk waiting period.
The Money Back Guarantee will be payable in the event of the natural death or suicide of any Life Assured within any Risk Waiting Period. The Money Back Guarantee is equal to a return of all monthly premiums you have paid within a particular Risk Waiting Period.
Your monthly premium for each parent is payable for as long as they are registered as Lives Assured on the Plan and they have not passed away.
Old Mutual Malawi will increase your monthly premium each year with an appropriate inflation adjustment applicable in Malawi. Cover will also increase at the same rate. Your premium will never be lowered as a result of deflation. The inflationary increase will be applied on 1 July each year. However, if, at this time, your Plan has not been in-force for at least 6 months, we will wait until 1 July in the following year before increasing your premium.
Let's talk
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