OMMLAC Managing Director, Roy Punungu, says they chose to partner Precious Medical Insurance because it is a fully owned Malawian company “with greater understanding of the local environment.

“It is Old Mutual and Precious Medical Insurance plan and belief that the scheme stands to help provide peace of mind to the annuitants through manageable medical expense as they will have assurance of medical cover at an affordable price.

“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 once one retires, the medical cover equally vanishes abruptly,” said Punungu.

Precious Medical Insurance Company Service Provision Supervisor, Dr. Gift Chinomba, assurance their clients that “the insurance cover will be adequate to them and that they will be able to go to service provider that they want.

“There is no limit in terms of number of visits to the hospital as long as they have their benefit, they can go to the clinics any time.”

The partnership that is subject for review after three years has the optional cover that sees a “negotiated fee of K2, 500 per month deducted from the monthly annuity.”