Geared to make the life of retirees easy and comfortable in the country, Nico Life Insurance has entered into a partnership with the Medical Aid Society of Malawi (MASM) to offer comprehensive better medical coverage.
Speaking at the official signing ceremony and introduction of the Tikolore Annuity product, NICO Life Insurance, Chief Executive Officer, (CEO) Wise Chigudu highlighted the company’s commitment to delivering quality services to the lives of its retired clientele.
Chigudu said with the new service, those retired will enjoy a peace of mind knowing that their medical coverage is taken care of without the added burden of managing separate payments.
Said Chigudu: “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.”
Chigudu added: “We are thrilled to partner with MASM to provide our annuitants with comprehensive medical coverage.”
He further said that recently retired customers are now eligible to obtain an annuity embedded with 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.
Chigudu explained that 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.”
MASM Chief Executive Officer (CEO), Dr. Ulemu Katunga in his remarks 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.
Katunga hinted 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.
Since its establishment in the 1960s, MASM has grown significantly from its roots as a small organisation to become a renowned household name.
Indeed, MASM now holds over an 80 percent share of the national private health insurance market.
MASM is the largest health insurance services provider in the country and boasts as the largest service provider network with over 300 service providers that offer various healthcare services to the Malawian population in all corners of the country with staff complement growing from just 20 to over 100 in recent years.
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.
NICO Group has comprehensive solutions in general & life insurance, pension admin, banking, asset management, ICT, property management & development.
“We are thrilled to partner with MASM to provide our annuitants with comprehensive medical coverage.”
Wise Chigudu
NICO Life Insurance Chief Executive Officer
