NICO Life Insurance, MASM sign MoU to offer comprehensive medical coverage for retirees
NICO Life Insurance and Medical Aid Society of Malawi (MASM) have entered into a partnership whose main objective is to provide comprehensive medical insurance to it’s valued annuitants customers by ensuring that they secure their health and financial well-being through medical insurance option funded from their monthly annuity payments through a newly launched product called ‘Tikolore Annuity’.
Speaking during the official signing ceremony and introduction of the Tikolore Annuity product, NICO Life Insurance, Chief Executive Officer, Wise Chigudu emphasized the company’s commitment to delivering holistic solutions that enhance the lives of its customers.
Chigudu said with the new offering, retirees will enjoy peace of mind knowing that their medical coverage is taken care of without the added burden of managing separate payments.
“Our partnership with MASM aligns with our mission to protect against unexpected medical expenses while ensuring a stable retirement income.
“We observed that when people get retire, cases of seeking medical attention grow so as a company responsible in insurance in conjunction with MASM we thought of coming together so that we can assist the annuitants to have resource where they can access medical help,” said Chigudu.
He further highlighted that; “We are thrilled to partner with MASM to provide our annuitants with comprehensive medical coverage. “Recently retired customers are now eligible to obtain an annuity embedded with medical medical aid from MASM at reduced rates compared to stand medical aid pricing because this initiative underscores our commitment to ensure that our customers can lead healthy and financially secure lives. By integrating medical insurance into our annuity offerings, we are taking a significant step towards providing holistic solutions that cater to the evolving needs of our customers.”
In his remarks, Chief Executive Officer of MASM Health, Dr. Ulemu Katunga expressed his enthusiasm for the collaboration which he said will allow them to extend their high-quality medical insurance services to a broader market base.
He added that they are proud to offer retirees the opportunity to safeguard their health without worrying about the financial strain of unexpected medical expenses.
“This collaboration is a testament to our shared dedication to enhancing the well-being of our customers, that’s why the annuity insurance product is specifically designed to provide a steady income stream for retired individuals, ensuring financial stability during their retirement years.
“When an individual purchase an Annuity, they make a lump-sum payment or series of payments to an insurance company, which in return promises to make periodic payments to the annuitant starting immediately or at a future date and the payment from the insurance company to the retiree can be made monthly, quarterly, annually or in a lump-sum, depending on the terms of the annuity contract,” said Katunga.
NICO Life is a leading insurance provider dedicated to delivering high-quality insurance products and superior service with a strong focus on innovation and customer satisfaction through offering of reliable and comprehensive Life insurance solutions.
Currently, over 3000 annuitants are already part of the annuity program at NICO Life and the number is expected to increase with the introduction of the new product.
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