Old Mutual, Ghana’s innovative insurance company, has once again led the pack by launching a pioneering retirement product called ‘Old Mutual With Profit Annuity’, which is also dubbed “Obra Pa Retirement Salary”, to provide a guaranteed stream of income for retirees for the rest of their lives.
The “Obra Pa (which means ‘good life’) Retirement Salary” was designed to help retirees experience all the good things they want in retirement. It helps them to enjoy a customized plan tailored towards their unique needs while helping protect what matters most to them in retirement.
Commenting on the product, Rita Boateng, Head of Marketing and Operations at Old Mutual Ghana said: “our offerings and engagements with our customers are centered around targeted solutions where the needs, aspirations and behaviour of customers take centre stage. Most retirees would want to have a consistent stream of income to help them live life on their own terms. Life after retirement can be filled with uncertainties and unforeseen increase in cost of living which can take a toll on the savings of a Ghanaian retiree.”
The Obra Pa Retirement Salary essentially provides that solution to retirees by ensuring they optimally utilise their lumpsums of tier 2 and 3 or any other source of income to sustain them for the rest of their lives. In exchange for the payment of a lumpsum upfront, Old Mutual commits to paying guaranteed monthly income to the retiree for the rest of their lives. Besides paying out monthly salaries, Old Mutual pays retirees’ annual bonuses in the form of salary increases to policyholders.
To become an Obra Pa retirement salary beneficiary, one has to be 50 years and above and invest a minimum lumpsum of GH¢20,000 upfront. In addition to the monthly salaries for individual policyholders, couples can also enjoy Joint Spousal Benefits when they take the policy together. There is also a funeral cover for all policyholders.
Old Mutual is an integrated financial services provider with presence in 13 countries on the African continent. Old Mutual has 176 years of expertise in Life Insurance, Pensions and Banking Services across Africa. In Ghana, the brand is committed to leveraging the 176 years of expertise to partner with Ghanaians to help them achieve their financial goals.
Old Mutual Ghana is a provider of Life Insurance and Pension administration services in Ghana.
Investing in the Obra Pa Retirement Salary product with Old Mutual Ghana means you are supporting not only your dream of exciting things but securing a better future for the endless possibilities that come with retirement.
