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National Bank Launches Bancassurance

To assist customers access packaged banking and insurance services under one roof

National Bank of Malawi has launched a new product, Bancassurance to assist customers access packaged banking and insurance services under one roof, reported Daily Times.

Through Bancassurance, customers could access both loan and insurance from a one stop shop as one package.

The company claims insurance premiums to be cheaper as customers would be dealing with the insurer directly, and the bank would pay annual premium to the customer including granting a loan to be repaid in 12 months.

Oswin Kasunda, Head of Business and Retail Banking of National Bank, said: “The product scheme has been developed with three key players in the insurance industry. We have Alexander Forbes as the broker, Old Mutual and United General Insurance as insurance underwriters. Through the scheme customers obtaining normal loan facilities from National Bank such as vehicle, mortgage and consumer loans would access short-term insurance for the assets as well as long-term loan protection insurance cover under credit life insurance.”